Regtech

BearingPoint Expands Regtech Solution to Help Firms Comply With Latest MAS Module

BearingPoint RegTech, a Netherlands-based regtech solution provider, has further expanded its end-to-end solution ABACUS/Transactions with a new MAS module.

The MAS module helps firms comply with their derivative reporting requirements imposed by the Monetary Authority of Singapore (MAS) and digitalise their reporting processes for the submission to the trade repository DTCC.

The reporting obligations are set out in both the Securities and Futures Act and in the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 by the MAS.

The regulation applies to over-the-counter (OTC) derivatives such as interest rate, credit, foreign exchange, commodity, and equity derivative contracts traded or booked in Singapore.

Starting from October 1, 2021, local financial institutions and insurers as well as subsidiaries of international companies in Singapore enter the next reporting phase according to the Second Schedule of the regulation and must report the asset classes FX, equity and commodities.

Banks, merchant banks, and other companies dealing with the asset classes interest rate and credits are already in the productive reporting phase.

The mandatory reports must be submitted daily to a designated trade repository (currently DTCC) within two business days of the transaction.

ABACUS/Transactions offers a wide range of business logics and functionalities such as data enrichments, eligibility checks for each reporting regime, consistency and validation checks, calculations including an enhanced lifecycle management process, and the generation of valid reporting files and sophisticated feedback loops.

Full end-to-end robotic process automation (RPA) of the aforementioned functionalities facilitates fast and automated high-quality reporting. The solution has an integrated and easy-to-handle user interface to control reporting and manual interactions.

It is available on-premise or as part of the cloud-based RegTech Factory offering.

Alexander Becht

Alexander Becht, Product Manager for ABACUS/Transactions at BearingPoint RegTech said,

“We have further extended the scope of our state-of-the-art solution ABACUS/Transactions by adding the MAS module in time for the start of the second reporting phase in October 2021.

The expansion to the Singapore market supports our product vision to provide a global platform for transaction reporting and strengthens our strong market position as a leading global provider of regulatory technology.”

Bella Lai

Bella Lai, Head of RegTech APAC at BearingPoint RegTech Singapore added,

“With the amended Singapore’s Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013, the Second Schedule Regulations 2020 requires financial institutions to comply with October 2021 reporting requirements on foreign exchange, equity and commodity derivatives contracts.

With our new MAS module, we offer financial institutions the opportunity to fulfill their derivatives reporting obligations to MAS. This will help affected firms improve their data quality, streamline their reporting processes and avoid costly regulatory fines.”

Featured image credit: Edited from Unsplash