Wolters Kluwer Supports livi bank with OneSumX for Regulatory Reporting Solution

HONG KONG--(BUSINESS WIRE)--Wolters Kluwer has been selected by livi bank for its award winning OneSumX for Regulatory Reporting solution to manage the bank’s regulatory reporting obligations. livi is a new virtual bank in Hong Kong and has recently launched its virtual banking app to Hong Kong customers. The bank is backed by Bank of China Hong Kong (Holdings), Jingdong Digits Technology and the Jardine Matheson Group.

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 regulations in 30 countries.

“livi bank offers an easy, rewarding and lifestyle-driven banking experience, delivered through our simple and stylish mobile app. With the goal to foster fintech innovation, promote financial inclusion and enhance customer experiences, livi brings a unique, brand-new and different banking experience to Hong Kong,” said Chris Ng, Senior Manager, Regulatory Reporting of livi bank. “To help ensure we meet all important regulatory reporting obligations, we sought out the services of a company with regulatory reporting prowess and technological expertise. Wolters Kluwer, with its award winning integrated regulatory compliance and reporting solutions, was an attractive option.”

“We are delighted to be working with livi bank as it commences its operations to provide its innovative banking offering,” commented Rainer Fuchsluger, Managing Director of Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) business for APAC. “We look forward to working with the bank, and our growing number of virtual banking clients across the region, as they embark on their banking journey with our OneSumX solution.”

Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.

Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.