UOB Group selects NeoXam to support with FRTB & BCBS239 market data requirements
NeoXam will provide its data management solution, DataHub, to reduce market data costs, improve operational efficiency and address incoming regulatory requirements.
March 7, 2018 - Singapore
Today, NeoXam, a leading financial technology company, announces that it has been selected by United Overseas Bank (UOB) in Singapore to support its group wide market data management efforts in line with incoming regulations, such as FRTB (Fundamental Review of The Trading Book) and BCBS239 (Risk Data Aggregation and Reporting).
NeoXam's DataHub, a customizable software solution for centralized data management provides an easy to govern, strong and transparent way to manage the data supply chain for risk management. It acts as a single repository of market data and helps reduce operational risk, address regulatory requirements and achieve market data cost savings.
Lim Ann Liat, Head of Markets and Enterprise Technology, Group Technology and Operations, UOB said: "At UOB, one of our aims in harnessing technology is to improve business performance. By tapping NeoXam's DataHub, we will be able to increase the speed in which we manage immense quantities of market data through automation while driving productivity improvements and mitigating operational risk, and all in a cost-effective way."
Tim Versteeg, Chief Sales Officer & General Manager of NeoXam APAC (ex. China), commented: "When FRTB is implemented, a vast amount of market data is going to be required on a daily basis. Not only is the consolidation of this important, but market data costs could soon spiral out of hand if there isn't an optimized process in place. We are thrilled to be working with UOB Group in Singapore to ensure that FRTB compliance is a smooth and cost-effective process. We have witnessed how the bank constantly strives to achieve the best risk management practices and know that we can support the team on their journey to regulatory compliance and maintenance. Our data-centric approach to market data management enables a swift and agile implementation of a UOB groupe-wide golden copy of data and governance model for its market which will keep them one step ahead of the regulatory curve."