Global Bank Partners with Suade to Transform Regulatory Reporting in Singapore

Ethan Donnelly

Strategic Initiatives Associate, EMEA

Background

Amid rapidly evolving regulatory landscapes and complex global banking models, a leading international bank with operations across Asia and Europe needed to overhaul its regulatory reporting infrastructure. The institution faced increasing challenges in adapting to new regulatory requirements, particularly those issued by the Monetary Authority of Singapore (MAS), including the revamped MAS 610/1003 templates effective from July 2021.

The bank’s legacy systems were not designed to accommodate fast-paced regulatory changes, creating inefficiencies and increased operational risks. To address these challenges, the institution partnered with Suade to modernise its framework, leveraging the Financial Regulatory Data Standard (FIRE) and a flexible, future-proof regulatory reporting platform.

The Challenge

The bank’s reporting infrastructure posed several key challenges:

• Legacy limitations – The existing system lacked the agility required to meet new MAS reporting mandates and other emerging global requirements.
• High manual effort – Extensive data mapping and reconciliation processes slowed compliance efforts and increased the risk of errors.
• Siloed data – Disparate data sources and limited reuse across reports hindered operational efficiency and increased reporting costs.
• Inflexible technology – The bank needed a solution that could adapt to continuous regulatory changes, including changes to decimal point reporting and the addition of new MAS templates.
• Phased modernisation need – A full system overhaul was not feasible due to operational constraints, requiring a modular transition approach.

The Solution

The bank selected Suade’s regulatory platform based on its ability to provide end-to-end automation, regulatory agility, and seamless data standardisation through the open-source FIRE standard.

Phase 1: Initial Implementation – MAS 610/1003

The focus began with compliance for MAS 610/1003. Suade enabled:

• Automated data ingestion and mapping using ML and NLP
• Template validation and report generation
• Full submission to regulators ahead of required deadlines

Phase 2: Expansion and Adaptation

As MAS updated reporting templates, Suade helped the bank quickly implement necessary changes, including decimal point modifications. This phase also included preparing for new requirements such as MAS 649/1015 and Quarterly Income and Expense reports using existing datasets, reducing additional data requirements.

Phase 3: Full Automation and Reusability

Data ingested for one report became reusable across others, eliminating redundant processing and ensuring consistency across regulatory submissions. This phase cemented long-term efficiency and scalability in the bank’s compliance operations.

The Results

The transformation delivered substantial efficiency and cost savings:

• Up to 70% reduction in manual labour and operational costs through automation and data reuse
• Faster report generation, enabling quicker compliance and more agile response to changes
• Streamlined compliance processes with FIRE-enabled data harmonisation across jurisdictions
• Future readiness for emerging standards such as Basel IV and ESG reporting