TPBank chooses Wolters Kluwer's OneSumX IFRS 9

KUALA LUMPUR, Jan 29 -- Vietnam's Tien Phong Commercial Joint Stock Bank (TPBank) has chosen Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business to provide software for helping to ensure compliance with International Financial Reporting Standard (IFRS) 9.

According to a statement, the bank will use OneSumX IFRS 9, a module of OneSumX for FRR, for managing its obligations around the accounting standard set for implementation in Vietnam in 2023.

OneSumX IFRS 9 offers a solid framework combining lifecycle information on each individual financial instrument with a comprehensive set of IFRS 9 calculators.

The resulting numbers are recorded in a transparent, traceable, and auditable contract level IFRS subledger. The solution supports regulatory disclosures from local supervisors across the globe and offers powerful reporting tools.

These features are supported by a data management framework that can capture and store relevant contractual information, manage events and transactions, store IFRS calculations, generate accounting, and process up to the delivery of the disclosures.

“We are delighted that TPBank has selected our software, further cementing our strong reputation in Vietnam as the partner of choice for leading banks in the country,” said Wolters Kluwer FRR, Asia-Pacific Managing Director, Rainer Fuchsluger.

TPBank Chief Executive Officer, Nguyen Hung said: “TPBank takes its financial and regulatory reporting obligations extremely seriously and, as such, we conducted a through evaluation of the solutions on offer to help us ensure ongoing compliance with IFRS 9.”

Wolters Kluwer is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors.

-- BERNAMA