Source: Wolters Kluwer
Wolters Kluwer Financial Services announced today that Taiwan Business Bank has selected its FRSGlobal regulatory reporting platform.
The bank required a regulatory reporting solution to ensure compliance with the requirements defined by the People's Republic of China (PRC) regulators - a new market for the bank.
After a detailed assessment of the market, Taiwan Business Bank selected FRSGlobal to deliver reports to financial regulators in the PRC region, including the People's Bank of China, the China Banking Regulatory Commission and the State Administration of Foreign Exchange, including foreign currency account reporting (ABOQ).
Wolters Kluwer Financial Services' acquisition of China-based financial reporting software provider SASGAS in October 2011 was a key factor in Taiwan Business Bank's decision to work with the company. The combination of the FRSGlobal and SASGAS businesses has made Wolters Kluwer Financial Services a leading risk and regulatory reporting provider to the foreign banking market in China, providing solutions for 64 foreign banks representing 56 percent of the market and including 21 of the top 50 banks.
"We have seen significant growth in our region over the last few years and the acquisition of SASGAS means that we have considerable presence in China particularly," said Michael Thomas, Director of North Asia, Wolters Kluwer Financial Services' FRSGlobal. "We look forward to working with Taiwan Business Bank and other foreign and domestic banks in the region, providing them with our comprehensive products and support."