An article by Dr. Maciej Piechocki, Member of the Management Board and Bella Lai, APAC Director, about the RegTech Factory and "Economies of share" as a solution for data management, quality improvement and cost savings in regulatory reporting. The article focuses on the APAC region and was published by the ASEAN Bankers Association.
The financial services industry has undergone a far-reaching transformation process, which is accompanied by increasing regulatory requirements and cost pressure. Data management and good reporting quality become a challenge. Financial institutions have to stay up-to-date and compliant with the everevolving regulatory reporting requirements and thus, they have to deal with increasing costs for their reporting processes. They must consider new models of cooperation and industrialization to exploit economies of scale, also across borders. This is crucial in order to remain competitive in this highly regulated environment. We have studied the industry efforts in Europe where financial market players try to tackle the data management, quality and cost issues. In this article, we have summarized the key findings, industry trends and best practices that may also be applied to South East Asia and to ASEAN in particular.
About the ASEAN Bankers Association:
The ASEAN BANKERS ASSOCIATION was founded in 1976 and includes the following ten members: Indonesia, Malaysia, Philippines, Singapore, Thailand, Negara Brunei Darussalam, Vietnam, Cambodia, Myanmar, Lao. Their key objectives are for example to raise the profile of ABA and the ASEAN banking community, to strengthen the ‘voice’ of ASEAN in policy advocacy efforts globally or regionally, to contribute to the ASEAN Economic Community (AEC) and to share banking ‘know-how’.