Amsterdam / Singapore, December 3, 2018 – Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory, risk and tax technology (RegTech/RiskTech), has been announced as the winner in the category “Best Solution in Tax Reporting” at the Regulation Asia Awards for Excellence 2018.
The award recognized BearingPoint’s FiTAX, a standard software for financial institutions to produce tax reports required by tax authorities. Regulation Asia’s editorial team and a panel of experts acting as judges and advisory panel went through a rigorous selection process. The judges took into account solutions that empower compliance teams to manage change in a connected and structured manner with both speed and precision, enabling professionals to confidently anticipate and act on risks, make smarter decisions and accelerate change implementation.
The risks of noncompliance with tax reporting obligations under such regimes as FATCA are too great for financial institutions to ignore. Yet, compliance can be operationally burdensome and costly without the right tools in place. With FiTAX, BearingPoint has managed to automate the reporting process and reliably provide a solution that is kept up-to-date with new regulatory requirements, removing many of the pain points for banks in their reporting obligations.
Brad Maclean, co-founder and Executive Chairman Regulation Asia
We are particularly proud of this award as it reflects our successful market entry in the Asia-Pacific region and honors our strong efforts and work over the last years. It is an acknowledgment of the success of our tax reporting solutions, which we have been running for almost 20 years now.
Ronald Frey, Chief Product Officer RegTech at BearingPoint
BearingPoint’s FiTAX is a standardized and ready-to-use tax reporting software that meets the reporting requirements of QI, FATCA (and its IGAs) and CRS/AEOI. The software offers various modules and enables financial institutions to report to tax authorities all over the world from a single, centralized platform. It covers end-to-end workflow traceability, impact analysis of relevant tax data, and provides corresponding analytics and reporting capabilities.
For more information about our products, please visit: https://reg.tech/en/
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three units: Consulting, Solutions and Ventures. Consulting covers the advisory business; Solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics; Ventures drives the financing and development of start-ups. BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
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