Credit Agricole Selects AxiomSL for Singapore MAS 610 and 649 Reporting

News Wire

AxiomSL, the global leader in regulatory reporting, data and risk management solutions, announced that the Singapore branch of Credit Agricole Corporate and Investment Bank (Credit Agricole CIB) will implement AxiomSL’s regulatory data management solution for Monetary Authority of Singapore (MAS) reporting mandates 610 and 649 respectively. Earlier this year, AxiomSL was also appointed by Credit Agricole CIB in New York to implement its solution for reporting to the Federal Reserve.

AxiomSL set up its Asia Pacific headquarters in Singapore in 2010. Its platform has since been used by financial institutions in the region to comply with key regulatory changes such as FATCA, CRS, IFRS 9, regional liquidity coverage ratio, shareholding disclosure and central bank reporting.

The solutions provider believes Singapore banks will need to engage immediately to prepare for revisions proposed in the new MAS 610. There will be a significant increase in the type and quality of information required, either with different cuts or in a more granular form compared to that in the existing MAS 610. The implementation date is yet to be announced by the Singapore regulator as banks prepare for the impending change in coming months.

AxiomSL’s MAS 649 solution will cover all key functions of the liquidity risk management cycle; from data management to cash-flow generation, asset classifications, liquidity calculations, integrated management and regulatory reporting.

Credit Agricole CIB’s Singapore CFO Jane XU commented, “AxiomSL’s solution provides the data loading, aggregation and reporting functionalities needed to tackle the significant increase in data points required in the new MAS 610 in addition to satisfying the reporting requirements for MAS 649. A key deciding factor for us is its single data-agnostic platform that integrates raw data pulled from multiple sources. With AxiomSL’s regulatory data management solution, we are now able to extend the focus of our Finance team beyond regulatory compliance reporting to financial analysis. This provides value-added data analytics for management reporting that will enhance our business operations overall.”

APAC CEO AxiomSL, Peter Tierney said, “We are delighted to be selected by Credit Agricole for both MAS 610 and MAS 649 reporting. The extension of the bank’s use of the AxiomSL platform for regulatory data management from the United States to include Singapore is a testament to the strength of our offering. Our single strategic platform means the same architecture can also be used for multiple regulatory requirements, thereby greatly reducing operational risks and costs as well as the complexity of compliance. We look forward to building and developing a continued successful partnership with Credit Agricole.”