ZA Bank, the first virtual bank in Hong Kong, has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting as its regulatory reporting software.
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“We are delighted to be working with ZA Bank, Hong Kong’s first virtual bank, on this major implementation project”
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
ZA Bank became Hong Kong’s first fully-operational virtual bank on March 24, 2020, “marking the beginning of a new era of innovation in the local market,” according to a bank spokesperson. Its one-stop mobile application provides users with a full suite of 24/7 services “that break conventions and time boundaries,” the bank adds. Established by ZA International, ZA Bank is a licensed bank regulated by the Hong Kong Monetary Authority. “It shares the vision of promoting financial inclusion through harnessing the power of technology, and thus making banking services more accessible to a wider group of the population,” the bank spokesperson says.
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OneSumX for Regulatory Reporting provides the extensive functional coverage and scalability that ZA Bank required when exploring options for regulatory software. “While ZA Bank boasts its cost-effective business model and agile product innovation approach as a challenger to the banking industry, we strictly comply with the local regulations as a licensed bank in Hong Kong,” commented Rockson Hsu, CEO of ZA Bank. “As such, we are obliged to deliver efficient and reliable reporting when communicating with the regulators. Wolters Kluwer provides us with this important capability.”
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