Hong Kong’s First Virtual Bank Selects Wolters Kluwer’s OneSumX for Regulatory Reporting
WOLTERS KLUWER S/ADR (WTKWY)
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Source: Business Wire
HONG KONG--(BUSINESS WIRE)--ZA Bank, the first virtual bank in Hong Kong, has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting as its regulatory reporting software.OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.ZA Bank became Hong Kong’s first fully-operational virtual bank on March 24, 2020, “marking the beginning of a new era of innovation in the local market,” according to a bank spokesperson. Its one-stop mobile application provides users with a full suite of 24/7 services “that break conventions and time boundaries,” the bank adds. Established by ZA International, ZA Bank is a licensed bank regulated by the Hong Kong Monetary Authority. “It shares the vision of promoting financial inclusion through harnessing the power of
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