BearingPoint in Singapore to help implement tax solution for Standard Chartered

Banking behemoth Standard Chartered has selected BearingPoint’s FiTAX offering as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. 

Already serving some 2,500 plus financial institutions across 75 groups with their regulatory tax reporting obligations, the Dutch-headquartered management and technology consultancy BearingPoint’s FiTax solution will now be adopted by the international banking group Standard Chartered, which, with an approximate 87,000 employees operating in 60 countries, is one of the world’s leading financial services organisations.

According to the banking giant, the decision to implement the FiTAX solution – which enables automated regulatory reporting processes for financial institutions as to QI, EUSD, FATCA, UK FATCA and CRS requirements – was due to the management consultancy’s accuracy and coverage, which for FiTax includes more than 110 jurisdictions, and its capacity to monitor and adapt to the evolving client tax requirements landscape in step with Standard Chartered.

“BearingPoint’s coverage and accuracy were key differentiators in our decision to select FiTAX,” Standard Chartered’s Head of Client Tax Information Reporting, Tom Pryce, said on the bank’s decision to implement FiTax over the dozens of competing solutions in the RegTech space. “Attention to detail on the technical reporting requirements, combined with business and implementation expertise, has enabled a smooth integration of FiTAX into our systems and processes thus far.”

As a reflection of the complexities of the multi-jurisdictional implementation and managed services, the Standard Chartered engagement will be supported by multiple BearingPoint offices, including its bureau in Singapore, where the firm works in collaboration with the Singaporean arm of the Japan-based firm ABeam Consulting, of with which it shares a Big Four background (ABeam spun out of Deloitte, while BearingPoint has its roots in KPMG).

Dirk Jaensch, a Partner at BearingPoint in Singapore, said of the independent firm’s coup; “With our office in Singapore, we are close to our colleagues from Standard Chartered and can support them directly with our technical and business expertise. We see an increasing demand for trusted advisory in combination with ready-to-use vendor solutions complying with extensive ever-changing regulations. We're delighted to help Standard Chartered to simplify and automate their client tax reporting process.”

With exceptional growth in recent years – last year generating record revenues of €710 million through its Solutions, Consulting and Ventures business units to be up 12% overall on the previous year – the BearingPoint network has now expanded to more than 10,000 professionals supporting clients in 75 countries – including locations in Singapore, China, Indonesia, Japan, Malaysia and Thailand.

Ronald Frey, a Partner at BearingPoint in Switzerland, said the latest tap from Standard Chartered for its tax solution was gratifying; “It is a further milestone on the roadmap of FiTAX and underpins its market leading position in the tax reporting domain. We are looking forward to being a valuable integration partner to Standard Chartered Bank such that they can maximise the benefits from our solution.”