China Merchants Bank opts for OneSumX regtech solution
New regtech deal for Wolters Kluwer in Luxembourg
China Merchants Bank (CMB) has chosen Wolters Kluwer’s OneSumX for its regulatory reporting activity in Luxembourg, following a competitive tender process.
According to Wolters Kluwer, OneSumX uses a single source of data to “ensure consistency, reconciliation and accuracy” and includes the firm’s regulatory update service. This service is maintained by its specialists who monitor regulation in approximately 50 countries, to ensure the solution is current.
CMB has more than 1,800 branches in mainland China, with consolidated assets exceeding $897 billion. CMB says its Luxembourg entity is its European hub for developing further business in Europe.
In the past few months, other financial services firms from across the world have also implemented the OneSumX solution for regulatory reporting, risk and finance (including IFRS 9 solutions). These include China Everbright Bank, LGT, Nordea, BBVA, CIBC, Equitable Bank, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation.
