A firm focusing on areas such as regulatory reporting and risk management has team up with banks and other institutions to craft how to comply smoothly with updated requirement set out by the Monetary Authority of Singapore.

Regulatory reporting business AxiomSL is teaming up with a raft of banks and other large financial bodies to set out a new framework on how firms show authorities in Singapore they are toeing the line over new rules.

The company said it is partnering with two “domestic systemically important authorised institutions” – which are not named – and seven international banks (also unnamed), along with PricewaterhouseCoopers and BR-AG.

The initiative, which AxiomSL said is unprecedented, will simplify how firms comply with revised reporting rules set out by the Monetary Authority of Singapore, known as its 610 reporting mandate. Those reporting rules haven’t been updated for 10 years. (The 610 reporting mandate applies to financial and statistical reporting for banks in Singapore.)

"We have watched the evolution of structured data exchange in other regulatory contexts and jurisdictions around the world. The benefits in terms of automation and data quality are clear, both for the FIs and the regulators. The upcoming MAS 610 revision provides a unique opportunity to leverage these developments,” Peter Tierney, AxiomSL’s chief executive, said.

AxiomSL said it has seen “overwhelming interest in this initiative from Singapore-based financial organisations.

“This industry-led initiative aims to take an innovative and collaborative approach to define regulatory data relationships. Through cross-collaboration by industry experts, this initiative aims to reduce reporting complexities and the compliance burden facing FIs at present,” AxiomSL said.

The initiative will reframe the 340,000 individual data points required in the revised MAS 610 report (a major rise from the 4,000-plus data points required today) into a series of data relationships that can be applied and reused consistently across all the proposed submissions, AxiomSL continued. 

PwC will provide advisory services and acts as project manager for the initiative. BR-AG, a data consulting firm,, will draft the data model and XBRL taxonomy.

AxiomSL said it will also offer its new MAS 610 solution through a software-as-a-service delivery option.