They will work to standardise interpretations of requirements for the new MAS 610/1003.
AxiomSL partnered with nine banks, PwC Singapore, and BR-AG to define an open data taxonomy that would standardise the interpretation of requirements for the revised Monetary Authority of Singapore (MAS) 610/1003.
“By mid this year, the Taxonomy for the revised MAS 610 will be complete and made available to all Financial Institutions (FIs) in Singapore. AxiomSL has seen overwhelming interest in this initiative from the FIs in Singapore to date,” the company said on a press release.
“The taxonomy approach will reframe the 340,000 individual data points required in the revised MAS 610 report (substantial increase from the 4,000+ data points required today) into a series of data relationships that can be applied and reused consistently across all the proposed submissions,” AxiomSL explained.
Following the issuance of the final notice by the MAS, the Taxonomy will be updated and then made available to all MAS 610 reporting FI’s.”
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