European supplier of post-trading services Clearstream has selected BearingPoint RegTech, a Netherlands-based compliance technology provider, for its Abacus360 Banking solution for MAS 610 reporting.

BearingPoint RegTech said that Abacus360 Banking is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting and ad-hoc reporting.

Starting January 2021 onwards, there will be a testing phase with go-live scheduled for July 2021.

MAS 610 is the core set of reporting requirements within Singapore’s financial services space, and contains the balance sheet and off-balance sheet information of banks and their underlying details

MAS 610 reporting contains the balance sheet and off-balance sheet information of banks and their underlying details with the objective to promote market transparency for banks in Singapore.

MAS 610 applies to all banks in Singapore, including foreign-owned entities and has considerably increased the reporting requirements for banks.

“We are delighted to enable Clearstream Singapore for MAS 610 reporting. With increased complexity on regulatory reporting within shorter timelines, the implementation of BearingPoint’s award winning Abacus360 Banking mitigates risks associated with regulatory reporting.

 

The implementation marks an important milestone for the firm in Asia. We look forward to further success with Clearstream and to extend our footprint in the region”

said Bella Lai, Head of RegTech APAC at BearingPoint RegTech.

Featured image edited based on photo by Kelvin Zyteng via Unsplash