Financial Risk Solutions (FRS), an Ireland-based unit-linked investment administration and compliance oversight software provider, has formally opened its office at the International Commerce Centre, in Hong Kong.

The new Hong Kong office is the company’s second location in Asia, which the company intentd to leverage to match regional growth in the life insurance industry.

Earlier, FRS opened its South-East Asian headquarters at Menara Darussalam, Kuala Lumpur.

Financial Risk Solutions head of Asia Matthew Baldwin said: “It is a privilege for FRS to have the Tánaiste, Simon Coveney TD opens our new Hong Kong office. This marks an exciting time for the company as we expand further to service our clients in Asia’s thriving life insurance market”.

Baldwin continued “Our Robotic Process Automation (RPA) fund administration software has been well received with regional life insurers.

“We are extremely encouraged by this response in the large populous Asian markets, where pensions are a huge agenda point for both government and individuals making appropriate provision for their old age.”

Meanwhile in Europe, Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation came into force in January 2018, which is boosting client onboarding to FRS’ PRIIPs solution.

FRS said that its software provides needed support to the complex requirements of both fund of funds PRIIPs and open architecture-wrapped products.

Additionally, FRS’ core unit pricing investment admin software solution is also active. Currently, a number of new clients are on-boarding their life assurance books of business to the software.