Clearstream selects Abacus360 Banking for MAS 610 reporting
Frankfurt/Singapore, March 3, 2021 – BearingPoint RegTech, a leading international provider of innovative regulatory, risk, and supervisory technology solutions (RegTech, RiskTech, and SupTech), has won central securities depository Clearstream as a new customer in Singapore for its Abacus360 Banking solution. BearingPoint RegTech has thereby further expanded its market position in the APAC region.
MAS 610 reporting contains the balance sheet and off-balance sheet information of banks and their underlying details with the objective to promote market transparency for banks in Singapore.
MAS 610 applies to all banks in Singapore, including foreign-owned entities and has considerably increased the reporting requirements for banks. Starting January 2021 onwards, there will be a testing phase with go-live scheduled for July 2021.
We are delighted to enable Clearstream Singapore for MAS 610 reporting. With increased complexity on regulatory reporting within shorter timelines, the implementation of BearingPoint’s award winning Abacus360 Banking mitigates risks associated with regulatory reporting. The implementation marks an important milestone for the firm in Asia. We look forward to further success with Clearstream and to extend our footprint in the region.
Bella Lai, Head of RegTech APAC at BearingPoint RegTech
Abacus360 Banking is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting and ad-hoc reporting. Renowned financial institutions representing more than 1,000 reporting entities among them a major part of the most important European banks under direct SSM supervision, insurers, and financial service providers use Abacus360 Banking.
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream, which is part of Deutsche Börse Group, provides the post-trade infrastructure for the Eurobond market and services for securities from 58 domestic markets worldwide. With around 14 trillion Euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities.
Clearstream delivers investment fund solutions built on asset safety and distribution efficiency. The Vestima one-stop shop for funds acts as single point of entry for orders, streamlined cash management and consolidated position reporting in a secure environment. Clearstream offers customers direct access to local domiciled funds in 48 fund jurisdictions worldwide, of which 30 are in Europe. The Fund Desk offering complements Vestima to include distribution support services and to provide direct access to a fund research solution.
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