Wolters Kluwer FRR selected for Singapore’s SME GoDigital Program

By Edil Corneille

Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has been chosen as an approved vendor for the SME GoDigital program operated by Singapore’s Infocomm Media Development Association (IMDA).

The SME Go Digital initiative enables institutions operating in Singapore to receive a grant to cover the implementation costs of adopting a pre-approved solution. More than 20,000 SMEs have adopted digital solutions from the program since its launch in 2017.

In association with the Monetary Authority of Singapore (MAS), IMDA is rolling out the GoDigital program for the financial sector. And, Wolters Kluwer FRR has been accorded pre-approved vendor status for its OneSumX for Regulatory Reporting SaaS solution.

The IMDA program encourages banks to adopt modern digital technologies in support of their  regulatory reporting obligations – effectively helping to remove cost as one of the major obstacles to migrating key operational elements to a modern cloud-based infrastructure.

Qualifying institutions for the grant are incentivized to migrate to modern reporting infrastructures and abandon legacy solutions, which are often fragmented, highly manual, and prone to error.

Wolters Kluwer FRR launched its SaaS Regulatory Reporting solution last year, aligning with the cloud technology strategies the company’s clients are adopting, providing predictability of cost and lower total costs of ownership. The OneSumX for Regulatory Reporting SaaS solution includes an updated OneSumX Regulatory Engine characterized by its enhanced performance, better user experience, automation and scalability functionalities.

“The news that IMDA, working in association with MAS, has recognized our cloud technology solution and granted us approved status is testament to the superior product functionality that characterizes OneSumX for Regulatory Reporting,” commented Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR, APAC. “We look forward to working with the qualifying financial institutions, IMDA and the regulators to encourage Singapore’s banking sector to adopt cloud strategies.”