BearingPoint RegTech’s tax reporting solution FiTAX was adopted by CGS-CIMB Securities Malaysia to fulfill CRS reporting obligations.
Frankfurt/Singapore, July 29, 2021 – CGS-CIMB Securities Malaysia, a leading, integrated financial services provider in Malaysia, has adopted FiTAX for their reporting requirements under the Common Reporting Standard (CRS). FiTAX is a renowned tax reporting solution from BearingPoint RegTech, a leading provider of innovative solutions in the field of Regulatory, Risk and Supervisory Technology (RegTech/RiskTech/SupTech).
With FiTAX, we chose a proven and standardized software solution that enables greater automation to drive accuracy and efficiency in our reporting processes.
Nazri Shahudin, Director, Client Account Management, CGS-CIMB Securities Malaysia
We are very pleased that CGS-CIMB Securities Malaysia decided on our FiTAX CRS/AEOI module that matches global regulations and local constraints. CGS-CIMB Securities Malaysia’s decision marks another milestone for our expansion in the APAC region and reflects our commitment to support the financial industry in Malaysia in being compliant with CRS reporting requirements.
Bella Lai, Head of RegTech APAC, BearingPoint RegTech
FiTAX is used in 140 countries by more than 3,200 institutions and represents the market leading software for tax reporting in Switzerland, Luxembourg, and France. FiTAX enables country-specific reporting files based on local guidance. With thousands of data validation rules, the completeness and correctness of reporting data is verified before that data is used. As global tax laws are meant to continuously evolve, the FiTAX solution is constantly updated to maintain compliance with current and future regulatory obligations. 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.
CGS-CIMB Securities Sdn Bhd (“CGS-CIMB MY”) is part of the larger CGS-CIMB group. CGS-CIMB Securities International Pte. Ltd (“CGS-CIMB”) is one of the leading integrated financial service providers in Asia. It is a 50-50 joint venture between China Galaxy International Financial Holdings Limited, a wholly-owned subsidiary of China Galaxy Securities Co. Ltd. and CIMB Group Sdn Bhd.
Through a network of local offices, branches and strategic partners, we have a global presence in over 20 countries, providing a truly Asian perspective. We are well-position as Asia’s leading financial gateway with a core focus on well researched and in-depth analysis on financial products.
We are a customer-centric firm and focus on value creation for clients, offering a suite of investment and financial solutions for retail and institutional clients. Our businesses include retail broking, institutional equities, derivatives, prime services, equities research, wealth management and online broking.
Backed by an award-winning research team, we have one of the most comprehensive research coverage of over 800 stocks in the region. Our strong research capabilities from the backbone of our product and service offerings, connecting clients to opportunities.
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