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SME Bank selects Wolters Kluwer’s OneSumX for Finance

       Haizad Rizal Aziz

Wolters Kluwer’s has announced that its Finance Risk & Reporting (FRR) business has deployed the OneSumX for Finance software at the SME Development Bank Malaysia Berhad or SME Bank. The implementation is expected to allow the bank to implement the Malaysian Financial Reporting Standards (MFRS) 9 as well as facilitate the enhancement of the SME sector in Malaysia.

“The bank required a vendor that could provide us with the best solution and system implementation in the fastest time possible,” commented Haizad Rizal Aziz, the Bank’s Group Chief Financial Officer. “Wolters Kluwer demonstrated that it was able to set up classification and measurement of financial assets and financial liability, host credit impairment models and produce MFRS disclosure reports, with OneSumX for Finance providing an end-to-end solution, which successfully addresses all of the bank’s requirements. Notably, the solution offers full transparency and traceability that fully satisfies internal and external audit needs. The implementation has proven to be a smooth process and we look forward to continuing to work with Wolters Kluwer’s experts.”

Wolters Kluwer’s solution focuses on providing the framework for capturing and storing relevant information, the management of transactions, International Financial Reporting Standards and MFRS calculations, etc.

Recently, China Merchants Bank has selected Wolters Kluwer’s OneSumX for Regulatory Reporting in a bid to provide regulatory reporting software in the US.

Founded in 2005, SME Development Bank Malaysia Berhad or SME Bank is a Malaysian small and medium enterprise (SME) banking company owned by the Ministry of Finance of Malaysia. The bank aims to provide financial assistance and expertise to small and medium enterprises.

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