Embracing RegTech: Asia Pacific adapts to mounting reporting requirements

Just as global regimes such as the Basel III net stable funding ratio (NSFR) and International Financial Reporting Standard (IFRS) 9 are being rolled out, Asia Pacific’s regional regulators are stepping up the pressure on banks by intensifying reporting requirements and moving more aggressively to address governance failures.

Thankfully, at the same time, emerging technologies, such as RegTech, and business models are equipping institutions with the strategies and capabilities needed to address escalating regulatory reporting requirements, which have become a region-wide reality. For example, the Monetary Authority of Singapore is completely overhauling the key financial position report, MAS 610, for the first time in years to glean more data points and details from banks. The changes will impact all supporting forms and require multiple new attributes, calculations and aggregations.

Banking technology in Asia: the place to be

Everyone who is anyone in the banking software space wants to do business in Asia, and for a good reason: the region is as buoyant as ever.

The established markets are getting even more sophisticated in their technology consumption (if you are in Singapore, why not try out an NFC-enabled wristband to pay for your commute, travel, shopping and eating out?).