Singapore’s United Overseas Bank has selected NeoXam’s DataHub to support group-wide data management and compliance with regulatory requirements of the Fundamental Review of the Trading Book (FRTB) and risk data aggregation and reporting under BCBS239.
Lim Ann Liat, head of markets and enterprise technology, group technology and operations at United Overseas Bank, says: “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, all in a cost-effective way.”
NeoXam DataHub is a customisable software solution for centralised data management that provides an easy to govern 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.
Tim Versteeg, chief sales office and general manager of NeoXam Asia Pacific (ex China, says: “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 control if there isn’t an optimised process in place. We are working with United Overseas Bank Group in Singapore to ensure that FRTB compliance is a smooth and cost-effective process. Our data centric approach to market data management enables swift implementation of a United Overseas Bank Group golden copy of data and a governance model that will keep the bank one step ahead of the regulatory curve.”