Hong Kong challenger ZA Bank picks OneSumX for regulatory reporting
ZA Bank, the first virtual bank to be launched in Hong Kong, has selected Wolters Kluwer’s OneSumX for its regulatory reporting requirements.
The vendor says that it provides the extensive functional coverage needed for a new financial services firm like Za Bank
Richard Hsu, CEO of the challenger, says that while it boasts a “cost-effective business model and agile product innovation approach” it must also “strictly comply with the local regulations as a licensed bank in Hong Kong.”
ZA Bank became Hong Kong’s first operational and licensed digital bank in March 2020.
The bank, an offshoot of China’s ZhongAn Online P&C Insurance, gained one of Hong Kong’s eight virtual banking licences alongside firms including Ant Financial, Tencent, and Standard Chartered.
When the Hong Kong Monetary Authority issued the licences in Spring 2019 it stated it expected most of the new virtual banks to be up and running within six to nine months.
ZA Bank offers lending and deposit accounts with an annual interest rate of 1%, a figure much higher than the traditional rate offered by banks like HSBC in the administrative region.”
He adds: “Regulators tend to update their requirements frequently so, on a global level many virtual banks are turning to us to help them tackle these requirements effectively.”
Rainer Fuchsluger, managing director of Wolters Kluwer’s finance, risk and reporting business, says that outsourcing key technology to third parties such as Wolters Kluwer “allows innovative banks like ZA Bank to focus on providing customers with an exceptional service.”
ZA Bank selected Fiserv’s payment technology VisionPlus prior to its go-live for card origination, card issuance, authorisation, settlement and customer service.