UOB Group selects NeoXam to support with FRTB and BCBS239 market data requirements

Today, NeoXam, a leading financial technology company, announces that it has been selected by 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).

Despite the postponement of compliance for FRTB, UOB has selected NeoXam to ensure that it is able to meet regulatory requirements and expectations. It has been at the forefront of regional banks in the country in terms of achieving compliance and this partnership further cements the bank’s position as a leader in addressing evolving regulatory requirements.

NeoXam’s DataHub, a customisable software solution for centralised data management, provides an easy to govern, strong and transparent way to manage the data supply chain for risk management. It will act as a UOB Group single repository of market data and once implementation is complete this year, will 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 at UOB Singapore, said: “FRTB is one of the biggest compliance challenges we are facing as a regional bank in the APAC region. We need to be able to rationalise and automate our market data processes, so one of the most important things for us when looking for a provider, was that we had a solution that could  consolidate and optimise our different data lines. DataHub’s unique data request optimisation and data cost management modules meant that for us, NeoXam was really the only option. We particularly like the fact that NeoXam is a truly neutral solution provider and have no doubt that they will meet all of our needs and help us to reduce market data costs.”

Tim Versteeg, Chief Sales Office of NeoXam APAC, 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 optimised 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 Group wide golden copy of data and governance model for its market which will keep them one step ahead of the regulatory curve.”

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