Bank of China Singapore Branch (BOCSG) has chosen AxiomSL for Basel III regulatory reporting and risk management.

Bank of China Singapore Branch's Corporate Office

Bank of China Singapore Branch’s Corporate Office

BOCSG will use AxiomSL’s platform due to the Monetary Authority of Singapore (MAS) Minimum Liquid Assets and Liquidity Coverage Ratio (MAS 649) requirement.

This framework was issued in November 2014 and requires a bank incorporated and headquartered in Singapore to maintain at all times a Singapore Dollar liquidity coverage ratio (LCR) of at least 100% and other requirements.

Any other bank notified by the MAS that it is D-SIB (a domestic systemically important bank) or a bank that elects to comply with the LCR framework, has also to maintain at all times, a Singapore Dollar LCR requirement of 100% and an all currency LCR requirement of 50% by 1 January 2016.

Ng Woon Kong, deputy head of financial management department, BOCSG, says: ‘We chose AxiomSL because of its integrated Basel III liquidity calculation and regulatory reporting platform. We value their platform’s flexibility and ability to address our needs to set up a solid foundation that can integrate with BOC’s source data given the limited time frame.’

AxiomSL says the implementation spans a ‘comprehensive’ suite of asset classes and 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.

Olivier Kamoun, CEO of AxiomSL APAC, adds: ‘We believe that regulators across Asia have exercised prudence in assessing the liquidity levels in their jurisdictions. The opportunity and onus is now with banks to explore strategic solutions to tackle the increasing cross-jurisdictional reporting requirements.’

By Antony Peyton.

by IBS Intelligence