DST Global Solutions’ recent study has revealed that current investment data management systems among Asian wealth managers are inadequate to easily meet upcoming regulatory requirements and service customer reporting demands.
Specifically, the report showed that 42% of the bank professionals surveyed among international, regional, and local private banks and consumer banks in Hong Kong and Singapore named regulatory restrictions as their biggest challenge around client data management.
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Daniel Kennedy, regional head of Solutions (Asia), said: "In the face of upcoming regulatory changes, it’s easy to see why investment and client data management has become a key area of concern to the wealth management industry in Asia. Just this last week alone, the Monetary Authority of Singapore proposed changes that will require banks to further bolster operational standards and post-trade compliance checking."
The study also reported that 34% of those surveyed named cross-border data management regulations as a key concern, followed by conflicting regulatory regimes.
"The onus is on banks to determine the best way to implement solutions to meet their obligations in any jurisdiction, and this must be done without creating any roadblocks to the business and service they deliver to customers," said Kennedy.
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