IOB Singapore looks for new regtech system and vendor
IOB Singapore in regtech system selection
IOB Singapore, a subsidiary of Indian Overseas Bank, is looking to modernise its regulatory reporting tech.
The bank issued an RFP to this effect, which has recently closed.
The new regtech solution will interface to the bank’s existing systems, such as Misys’ Midas (core banking) and Trade Innovation (trade finance), and Swift payment gateway.
According to IOB Singapore, bidders should be able to supply an end-to-end solution to support the Monetary Authority of Singapore (MAS) reporting requirements as well as customisations required by the bank, support data extraction from other applications as well as data mapping.
The bank is considering only those vendors that have direct local support and have implemented MAS reg reporting software at least in two banks in Singapore.
