Frankfurt/Singapore, June 23, 2020 – BearingPoint RegTech, a leading international provider of innovative regulatory, tax and risk technology solutions (RegTech and RiskTech), has won one of the largest banking groups in Malaysia as a new client for its tax reporting solution FiTAX. The bank will be using FiTAX to fulfill FATCA and CRS reporting requirements for their international clients who have accounts in Malaysia.
The bank chose FiTAX because BearingPoint RegTech has proven its expertise to re-use existing CRS and FATCA data warehouses and adapt them to FiTAX in a short time. This is an important factor, given the short timeframe for the project. The first reportings will take place soon to meet the deadline in mid-August 2020.
The local team of BearingPoint RegTech in Singapore will support the client with the implementation of FiTAX to enable the bank to meet its tight deadlines for installation, data mapping, testing as well as quality assurance and production. Due to the current COVID-19 situation, all support will be provided remotely. This is possible since FiTAX is a highly standardized software solution that does not require extensive customization to run at any new client or location.
The Malaysian bank joins over 3,200 financial institutions worldwide that already fulfill their reporting obligations with FiTAX. With the acquisition of the first FiTAX customer in Malysia, BearingPoint RegTech expands its footprint in Asia and at the same time reaches an important milestone by entering the market in Malaysia.
FiTAX is an established, modular, ready-to-use tax reporting solution that meets the reporting requirements of QI, QDD / 871(m), FATCA, CRS/AEOI and DAC6/MDR reporting. FiTAX covers reporting for more than 130 countries from data collection to direct upload of encrypted reporting files to the portals of the tax authorities.