China Merchants Bank (CMB) just announced that it has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting software for its operations in Luxembourg, following a competitive tender process.
OneSumX for Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times.
CMB has more than 1800 branches in mainland China, with global consolidated assets exceeding $897 billion. Its Luxembourg entity is its European hub for developing further business in Europe.
In the past few months, numerous financial services firms from across the world have implemented the OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Major financial services providers that have recently announced their use of Wolters Kluwer include China Everbright Bank, LGT, Nordea, BBVA, CIBC, Equitable Bank, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation.