This publication brings latest news of the financial technology developments affecting the shape of private banking and wealth management.

Fintech firm AxiomSL, which provides regulatory reporting and risk management solutions, has won a contract to deploy its liquidity offering into the Singapore branch of Bank of China. The move enables BoC to meet the Monetary Authority of Singapore 649 liquidity reporting requirements for the bank’s Singapore operations.

"We chose AxiomSL because of its integrated Basel III liquidity calculation and regulatory reporting platform. We value their platform's flexibility and ability to address our needs to set up a solid foundation that can integrate with BoC's source data given the limited time frame,” Ng Woon Kong, deputy head of the financial management department at the bank, said.

The Singapore branch of the Chinese bank has been established in the jurisdiction since 1936. The branch provides renminbi services across various product lines.

In March this year, this publication reported that Swiss private banking group Julius Baer had chosen a platform by AxiomSL to help keep pace with capital and other financial reporting requirements at a point when such demands are becoming more urgent. The move broadens the bank’s existing use of this system in Hong Kong and Singapore.