Mandates and payments roundup, February 22

Taiwan's First Commercial Bank selects a reporting solution to comply with Singapore's banking regulations, while China's Spring Airlines awards a payments mandate to AsiaPay.

First Commercial Bank chooses FRSGlobal in Singapore

Taiwan’s First Commercial Bank (FCB) has selected a regulatory reporting solution from FRSGlobal, the global compliance and risk management solutions provider, for its Singapore branch. FCB’s migration from its legacy platform to FRSGlobal’s solution will allow it to address local regulatory and compliance regulations outlined by the Monetary Authority of Singapore more efficiently.

“Despite Singapore’s strong recovery from the economic crisis and the fact that regulatory environments are some of the most mature and stable in Asia-Pacific and Japan, banks in the city state still have a number of onerous regulatory reporting requirements to meet,” said Steve Thurley, Asia-Pacific and Japan vice-president at FRSGlobal, in statement. “We are very pleased that we can take much of this burden away from FCB and that they can benefit from RegPro’s functionality in order to concentrate on their core areas of business with assurance that their regulatory reporting requirements are taken care of.”

AsiaPay wins mandate from China’s Spring Airlines

China’s low-budget airline Spring Airlines has mandated AsiaPay, an electronic payment solution and technology vendor and payment service provider, for its online payment processing needs. AsiaPay’s PayDollar payment solution will be implemented to allow customers to pay for bookings in Hong Kong and US dollars through Spring Airlines’ website.

“Spring Airlines selects AsiaPay as its payment processing provider in Hong Kong and overseas because of its professional localised service and strong brand awareness in Hong Kong,” said Spring Airlines’ Zhang Wu’an in a statement. “This partnership will enable Spring Airlines’ online customers to pay for their flight purchase in an easy and secure way, while enhancing customer confidence and loyalty.”

Real-time risk management system available for international banks from Polaris

Financial technology company Polaris Software has launched Global Risk Audit (GRA) for international banks. According to Polaris, it is the first real-time management system with a powerful audit functionality that is able to accurately assess credit risk exposure and liquidity across complex, high volume dynamic business transactions.

“Traditionally, the technology landscape at global banks prevented a ‘real-time’ consolidated view of exposure, largely due to multiple, fragmented systems dispersed across different geographies,” said Bikash Mathur of Polaris Software in a statement. “Naturally, the outcomes were poor management information that failed to indicate running limits, collateral and global cash positions. GRA empowers the credit risk management team to enhance the available balance check process with the introduction of multiple balance computation by combining multiple balance/credit entities and accordingly framing the decisions.”

¬ Haymarket Media Limited. All rights reserved.
Share our publication on social media
Share our publication on social media