SINGAPORE and HONG KONG, April 3, 2018 /PRNewswire/ — AxiomSL, the all-around baton in authoritative reporting, abstracts and accident administration solutions, appear that its authoritative advertisement band-aid for Singapore is absolutely adjustable with the Monetary Authority of Singapore’s (MAS) 610 and 1003 advertisement forms. Building on the comments from the aftermost industry appointment exercise, the MAS broadcast the finalised advertisement forms (except for Appendix I) and accomplishing timeframe to Banking Institutions (FIs) in Singapore on 29 March 2018.
FIs are now accepted to be absolutely adjustable by 31 March 2020 aural the 24-month industry accomplishing window set out by MAS, afterwards which there will be a 6-month aeon of circumstantial advertisement active from 1 April 2020 to 30 September 2020 whereby FIs are expected to abide both the revised and the accepted MAS 610 reports. Revised notices will booty aftereffect as of 1 October 2020. AxiomSL’s MAS 610 band-aid will action both the absolute MAS 610 advertisement arrangement as able-bodied as the revised MAS 610 arrangement to all clients.
The revised MAS 610 mandates added circuitous and abundant abstracts credibility for acquiescence as the abstracts elements appropriate are added granular. FIs charge to abide over 300,000 abstracts credibility beyond 60 forms, which is a abrupt access from 4,000 abstracts credibility in the past. This is added than 8000% access in abstracts credibility as compared to what was ahead required. Based on the new directives, MAS is accepted to alpha tracking advance during this 24-month industry accomplishing window, with FIs appropriate to accommodate cachet updates in 6-month intervals. During the aftermost 6 months, FIs will be appropriate to accomplish on a ‘parallel run’, by advertisement to the absolute and new requirements.
Earlier this year nine of the better banks in Singapore commissioned AxiomSL to ascertain an accessible abstracts taxonomy to abridge and accumulate acquiescence advertisement for the revised MAS 610 advertisement mandate. The anatomy will standardise the interpretations of MAS requirements, acquiesce added automation of testing and change administration as able-bodied as drive college affection of abstracts and abstracts governance. AxiomSL partnered with PwC Singapore and BR-AG to advance this aberrant initiative. By mid this year, the anatomy will be complete and fabricated accessible to all banking institutions in Singapore. So far, the action has accustomed an cutting acknowledgment from banks.
In accession to carrying the MAS 610 band-aid via the acceptable on-premise approach, AxiomSL now additionally offers the accolade acceptable authoritative band-aid through a Software-as-a-Service (SaaS) deployment option. SaaS is a cloud-based access that will advice FIs allay the accountability of procuring and operating the complex, accouterments and software basement appropriate for reporting. The SaaS commitment adjustment will accredit FIs to account from added economies of scale, advice bendability and operational accuracy thereby bringing bottomward absolute amount of ownership. AxiomSL is the alone band-aid provider in this amplitude that offers audience the adeptness to accept amid the on-premise or SaaS options depending on the alone firm’s advertisement complexities and technology infrastructure.
Peter Tierney, CEO Asia-Pacific, AxiomSL said, “AxiomSL has been acknowledging the accepted MAS 610 advertisement at assorted applicant sites in Singapore for a cardinal of years now and accept carefully tracked the revised 610 animadversion process. We are assured our absolute audience will accept a bland alteration to accommodated the revised MAS authoritative requirements as able-bodied as the appropriate alongside running. We are additionally appreciative to be the aboriginal provider in Singapore to be able to bear Software-as-a-Service advantage for the new MAS 610 reporting. It is our acceptance that this will extend the allowances of AxiomSL’s apple chic abstracts administration and analytics band-aid to a broader ambit of advertisement firms.
We beam that added of such authoritative changes can be accepted in time to come, advertence that automation is the alone way to handle the growing authoritative demands and complication in the advertisement regime. We accept been focused on ensuring that we accept the appropriate technology, anatomy and processes in abode for banks of all sizes to fulfil all requirements to a diminutive level.”
Prisita Menon / Sharan Nanwani Cognito [email protected] 65 6221 7310
Josephine ChiaAxiomSL [email protected] 65 3159 1055 (ext:648)
AxiomSL, the all-around baton in authoritative reporting, abstracts and accident administration solutions was accustomed added than 25 years ago, with offices worldwide. AxiomSL’s different action abstracts administration (EDM) belvedere empowers firms to abode abstracts babyminding and accident accession while carrying the analytics, workflow automation, validation, analysis functionality and advertisement appropriate by assorted stakeholders beyond all-around and bounded regulations.
The AxiomSL’s collaborative platform, accepted for its robustness, adeptness and transparency, imposes no constraints on area the abstracts is amid and enables banking firms to abstain duplication and bifold storage. It seamlessly integrates clients’ antecedent abstracts from disparate systems and enriches and validates the data, and runs it through accident and authoritative calculations to aftermath both centralized and alien reports. The belvedere supports disclosures in assorted formats, including XBRL. The unparalleled accuracy offered by the high-performance belvedere gives users the adeptness to assignment bottomward on their abstracts to any akin of granularity.
AxiomSL’s belvedere supports acquiescence with a advanced ambit of all-around and bounded regulations, including Basel III basic and clamminess requirements (LCR & NSFR), MAS 610, APRA, Dodd-Frank Act, IFRS 9/CECL, All-around Shareholding Disclosures, FATCA/CRS, EMIR, COREP/FINREP, FDSF, BCBS 239, Solvency II, AIFMD, axial coffer disclosures, and both bazaar and acclaim accident administration requirements. The enterprise-wide access offered by AxiomSL enables audience to advantage their absolute abstracts and accident administration infrastructure, and reduces accomplishing costs, time to bazaar and complexity.
AxiomSL was awarded “Reporting Product of the Year” at the Asia Basic Markets Awards 2017 as able-bodied as “Best Accomplishing at a Sell-side Firm” for the additional year active for the 2017 Sell-side Technology Awards and afresh accustomed the RegTech Awards for “Most Innovative Use of a Vendor Band-aid to Abode a Dodd-Frank Requirement. AxiomSL was accent as a ‘Category Leader’ by Chartis Research in its 2017 Sell-side Accident Administration Technology report. It was additionally awarded by The Asian Banker for “Best Acquiescence Accident Technology Accomplishing of the Year” in 2016. The company’s assignment has additionally been accustomed through a cardinal of added accolades, including Waters Rankings’ Best Advertisement System Provider, Best Advertisement Action in the American Banking Technology Awards and in the Customer Satisfaction area of the Chartis RiskTech100 rankings. www.axiomsl.com
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About Business Reporting-Advisory Group
The mission of Business Advertisement – Advising Group (BR-AG) is to body trusted, able and abiding authoritative abstracts ecosystems by accommodating with authoritative and authoritative authorities and banking institutions in the action of adopting acquiescence levels and digitization of abstracts services. BR-AG applies accompaniment of the art technology to proactively abode some of the amount issues in the banking abstracts field, including blurred the advertisement burden, accretion accessible affirmation appear business abstracts and casework and arrest abstracts administration constraints in banking environments.
To that end, BR-AG works for and collaborates with banking institutions, authoritative and accessible sector’s organizations, fintech companies as able-bodied as advertisement entities on both civic and cross-national levels. In over 12 years, BR-AG has delivered added than 60 projects globally, including projects for the European Union bodies as able-bodied as axial banks, treasuries, balance commissions, regulators, barter registers and banks in Europe, Australia, Asia, Africa, North and South America.
BR-AG offers abstracts modelling services, including collaborative abstracts modelling solutions, as able-bodied as consulting services, hands-on workshops and training sessions to accommodate abutment and advice in the acceptance and aliment of abstruse standards and abstracts administration methods. BR-AG’s amount action areas include: banking regulations (i.e. Solvency II, Basel Accord, MiFIR, MiFID II, SFTR, ESEF, AnaCredit, BCBS239), abstracts archetypal development (i.e. Abstracts Point Archetypal methodology, SDMX-IM and SMCube), bazaar architectures (Trade Repositories, ARM’s, OAM’s), accomplishing and affection affirmation of abstruse standards and identifiers (XBRL, ISO20022, SDMX, LEI, UPI, UTI), as able-bodied as appliance of cutting-edge IT technologies to accomplish the recording, processing and analysing of abstracts faster, safer and added cellophane (i.e. Accessible API, DLT, Blockchain).
 MAS Notice 610 covers banking and statistical advertisement for banks in Singapore, except for merchant banks, which are covered by MAS Notice 1003. As the two Notices as broadly the same, they are referred to collectively as MAS 610 herein
AxiomSL leads industry accord to ascertain accessible anatomy for MAS 610/1003 authoritative advertisement
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