2020 SEAsia Business Awards

14 APAC / 2020 South East Asia Business Awards 15 APAC / 2020 South East Asia Business Awards , , Established in 2000, awarded the Multimedia Super Corridor (MSC) Status with the Malaysia Digital Economy Corporation (MDEC) and obtained pioneer status in 2012, the team at InsiteMY have led the field when it comes to specialized financial solutions. Drawing on years of experience, the firm has become renowned for its ability to provide exceptional Regulatory Reporting Technology Solutions (REGTECH) for the banking and finance industry. Most Innovative Financial Software Solutions Provider 2020 As South East Asia’s businesses become more sophisticated, the need to develop better financial solutions has become clear. Leading theway for the region’smost innovative software solutions, designed specifically for the ASEAN financial services industry, is InsiteMY. Acting as a beacon of enterprise for the last twenty years, we profile the firm to find out more. InsiteMY Company: InsiteMY Contact: Ng Kai Thim Email: [email protected] Web Address: www.insitemy.com Based in Malaysia, with all software developed in the country, the company’s success has allowed it to grow naturally. Clients now include major Malaysian and foreign banks, as well as banks in Philippines, Singapore, Thailand, Bangladesh, and Pakistan, with other sectors such as insurance companies also using their services. The advantage that InsiteMY brings is the provision of an end to end Regulatory Reporting Solutions that covers all of a business’s needs. The flagship product from InsiteMY, INReport, demonstrates this incredibly well. INReport Malaysia Deposit Insurance Corporation (MDIC) Credit Reporting Central Credit Info (B2B) Reconciliation Central Bank of Malaysia (BNM) Inland Revenue Board of Malaysia (IRBM) Royal Malaysia Custom Department (RMCD) Malaysia Deposit Insurance Corporation (MDIC) Regulatory Bodies Integrated Statistical System (ISS) External Sector Statistics (ESS) Central Credit Info (B2B) Credit Reporting Data Quality Framework (DQF) Single Counterparty Exposure Limit (SCEL) Common Reporting Standard (CRS) Foreign Account Tax Compliance Act (FATCA) Goods and Service Tax (GST) / Value Added Tax (VAT) INReport is a REGTECH engine, design to facilitate reporting business and comply to most of the Malaysia’s Regulatory Bodies. These centralized solutions of Regulatory Reporting assists business users to manage all the regulatory report preparation and automate report submission in a single platform. Instead of using multiple programs that need information and data to be transferred between them, clients are able to handle all aspects of their financial information in one place. This includes gathering data preparation, data reconciliation, data massaging, data validation, as well as handling the data workflow approval process, generating submission reports, and submitting generated reports to Regulatory Bodies. InsiteMY has its flagship product value preposition: 1. INReport is able to support various Regulatory Reporting including Central Bank Statistics requirement such as BNM Integrated Statistical System (New Statistical Reporting System - NSRS, External Sector Reporting – ESS, Credit Reporting), Insurance Depository reporting such as MDIC Reporting, Value Added Tax (VAT) or Goods & Services Tax (GST) Reporting and Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standard (CRS) Reporting. 2. INReport is capable of automate report submission to various Regulatory Bodies comply with submission format of excel, text format and XML Schema base. The Regulatory Bodies compliances with INReport are Central Bank of Malaysia (BNM), Insurance Depository - Malaysia Deposit Insurance Corporation (MDIC), Value Added Tax (VAT) Authority - Royal Malaysia Custom Department (RMCD) and Income Tax Reporting - Inland Revenue Board of Malaysia (IRBM) 3. Deploying REGTECH to implement a single system for all the reporting requirement for a single customer or Group of companies. InsiteMY flagship Reporting Product covers Regulatory Reporting requirement describe as follow: Submission to Central Bank of Malaysia (BNM) 1. Integrated Statistical System (ISS) • INReport ISS is a web base reporting system used by reporting entities to generate Financial Reporting, Compliance Data and Industry Specific Reports. 2. External Sector Statistic (ESS) • INReport ESS manage external assets and liabilities of the bank and generate Cash Balance of Payments(CBOP),Ultimate Beneficial Owner(UBO),Ringgit Settlement (RS), Inter-Company Account and External Assets and Liabilities (EAL) report 3. Credit Reporting • INReport Credit Info consolidate and aggregate monthly credit data from source system and submit to Central Bank. 4. Single Counterparty Exposure Limit (SCEL) • INReport SCEL is a single platform for the processing of the counterparties risks. • INReport SCEL lies in its ability to identify and form possible relationship among all the counterparty exposure maintained within the various heterogeneous systems in bank. All exposures in those related counterparties that pose a single risk to bank will be aggregated against a set of rules definable by bank. Submission to Inland Revenue Board of Malaysia (IRBM) 5. Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standard (CRS) • INReport FATCA & CRS generate account and customer data information for foreign taxpayer who hold foreign financial assets with an aggregated value more than the reporting threshold of 50K USD or 250K USD dependent on either the account type is individual or company. Submission to Royal Malaysia Custom Department (RMCD) 6. Value Added Tax (VAT) / Goods & Service Tax (GST) • INReport VAT/GST accumulate the Financial Institution (FI) input tax and output tax frommultiple system for accurate tax declaration, prepare tax return/tax rebate from the Financial Institution (FI) and generate tax invoice, credit and debit note to the FI customer. Submission to Malaysia Deposit Insurance Corporation (MDIC) 7. Malaysia Deposit Insurance Corporation (MDIC) • INReport MDIC ensure delivery of seamless, automated and secured system for a complete and accurate submission of Insurance Depository Reporting • MDIC reports are generated in text file format comply with MDIC requirement. Reconciliation • INReport Recon automated the reconciliations of the various data transaction from FI to ensure accuracy and ease to reconcile the transactions across multiple platforms. The engine is able to reconcile from 80% to 100% of transaction, allowing more time for users to identify missing transactions or fraud cases. • Analysing risk and checking/resolving internal controlled issues to improve the rate of accuracy of Reconciliations The way in which InsiteMY does business evolves around the changing needs of the banking and financial industry. The team take their position as market leaders incredibly serious, always keeping an eye out for a business advantage. The benefits of being based in Malaysia include easy customized configuration, which allows the team to position themselves to cost less than foreign counterparts. As most regulatory requirements require all reporting entities to rollout at the same time, the impressive INReport system can be rolled out various projects across a huge number of customers. As the program has been specifically designed not only to be compliant with REGTECH technology, but to reach the high standards of Regulatory Bodies industry, it is possible for all to take advantage of the system at the same high level. The company’s proven implementation and project methodology ensures that every Regulatory Reporting system provided is easily set up within an organization. All InsiteMY solutions come future-proofed, with constant upgrading of systems to support the latest technology releases. This thoughtful attitude has meant that clients do not struggle to use InsiteMY solutions in any way. The team also upgrade their Reporting Solutions, targeting different areas as they follow a roadmap. This has allowed InsiteMY’s solutions to become increasingly sophisticated, with the introduction of framework analytical tools in INReport, the exploration of Regulatory Reporting on mobile platform or cloud version as well as the integration of Regulatory Reporting with AI. Much of the success of InsiteMY comes from the focus on technological success that speaks for itself. To this end, the company employs a relatively small staff of around 30, with 80% dedicated to technical aspects such as quality assurance, technical leads, project managers and software developers. Currently, this experienced team are looking to broaden their horizons, with the intention being to expand the reporting business to Indonesia, Myanmar, Vietnam and the Middle East. In all, the success of InsiteMY comes from its ability to support businesses in need of help with their finances. It brings together a team of people to provide an essential service that makes an incredible difference to a variety of communities. It’s this commitment to serving them as best as they can that has allowed InsiteMY to achieve such amazing success. May20171

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