Technology Awards 2018 – Best Regulation Reporting Solution

2018 Winners



Andreas Rudorfer
regional director,
wealth management, Asia Pacific, VERMEG

We are delighted to be selected as the ‘Best Regulation Reporting Solution’ award winner for this year by Asian Private Banker. VERMEG’s AgileREPORTER enables banks to automate their regulatory reporting obligations, from understanding and complying with current and new regulations to processing and executing the requirements.

AgileREPORTER is a key component of VERMEG’s leading global solution portfolio for private wealth managers, which includes digital omnichannel, portfolio management, and corporate actions. All VERMEG private wealth management solutions may be delivered on-premises, or on the cloud.

Without a deep understanding of locally incorporated banks and the regulations that govern them, international fintech providers will struggle to gain traction in Asia’s increasingly competitive market. Those that do, however, will find themselves in hot demand. Case in point: VERMEG. Since its acquisition of Lombard Risk in March last year, the firm has established itself as a top regulation reporting solution provider in the region, particularly in Singapore, where its AgileREPORTER solution has proved a saving grace for firms grappling with the central bank’s overhaul of the MAS 610 reporting regime.

Globally, regulators are busy revising banking regulations to better protect clients, limit fraudulent activities, and maintain supervisory control in an age when data is accumulating exponentially. The Monetary Authority of Singapore (MAS) is no exception. Seeking to make reporting more automated and comprehensive, the watchdog implemented the first phase of the revised MAS 610 reporting rules last year. Overall, the revision will see the number of required reported data points escalate from 4000-plus to more than 300,000, with full implementation set for October 2020.

Accordingly, banks require not just an automated solution but one that is adaptable and scalable. Beginning its work in mid-2016, Singapore-headquartered Lombard Risk invested almost 5,000 man-days into creating AgileREPORTER, the first available MAS 610 reporting solution, which hit the market almost two years later, shortly after VERMEG’s acquisition.

AgileREPORTER automatically processes a mix of computed and raw data to maximise accuracy and speed, while providing transparent data lineage for automated retrieval, comprehensive reporting management, and intelligence. The solution also offers versatility — it operates both in-house and on the cloud, and can be used locally and across the firm — as well as scalability for new business units and geographies.

Amid a sea of successful startups, it is not just the solutions themselves that count but the value they add. VERMEG provides AgileREPORTER users with end-to-end services, from helping clients understand current and new regulations to providing technical and go-live support, to assisting in the preparation of final reports. This is made possible by VERMEG’s local on-site support in the region — including full coverage in Australia, Thailand, Indonesia, Hong Kong, and Singapore — backed by global hubs in Shanghai, London, and New York. Further, clients enjoy access to regulatory SMEs which have a thorough knowledge of MAS regulations as well as client solution updates, impact analyses, monthly regulatory bulletins, and regular industry webinars.

VERMEG’s timely delivery of a much-needed solution that is comprehensive, adaptable, and scalable has caught the attention — and business — of almost 30 of the region’s banks, including Bank of Singapore, CMB, and VP Bank.

VERMEG’s AgileREPORTER is Asian Private Banker’s Best Regulation Reporting Solution for 2018.