Wolters Kluwer selected by Hong Kong’s virtual livi bank for OneSumX

By Edil Corneille

Wolters Kluwer has been selected by Hong Kong’s livi bank for its OneSumX for Regulatory Reporting solution which will manage the virtual bank’s regulatory reporting obligations. livi is a new neobank and recently launched its virtual banking app to Hong Kong customers in August. The bank is backed by Bank of China Hong Kong (Holdings), Jingdong Digits Technology and the Jardine Matheson Group.

OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy. It includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulations in 30 countries.

“livi bank offers an easy, rewarding and lifestyle-driven banking experience, delivered through our simple and stylish mobile app. With the goal to foster fintech innovation, promote financial inclusion and enhance customer experiences, livi brings a unique, brand-new and different banking experience to Hong Kong,” said Chris Ng, Senior Manager, Regulatory Reporting of livi bank. “To help ensure we meet all important regulatory reporting obligations, we sought out the services of a company with regulatory reporting prowess and technological expertise. Wolters Kluwer, with its award winning integrated regulatory compliance and reporting solutions, was an attractive option.”

“We are delighted to be working with livi bank as it commences its operations to provide its innovative banking offering,” commented Rainer Fuchsluger, Managing Director of Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) business for APAC. “We look forward to working with the bank, and our growing number of virtual banking clients across the region, as they embark on their banking journey with our OneSumX solution.”

Wolters Kluwer FRR is part of Wolters Kluwer’s Governance, Risk & Compliance division. It provides integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.

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