MUFG deploys new regtech to support super funds’ APRA compliance

Australia’s biggest managed services provider for Australia’s superannuation sector, MUFG Retirement Solutions (formerly Link Group), has confirmed it will integrate a new super compliance data platform built by regulatory technology (regtech) developer, Nuj.

Nuj boasts that the new data platform directly addresses the requirements of the Australian Prudential Regulation Authority’s (APRA’s) new Superannuation Data Transformation (SDT) program, which demands far more detailed data submissions from superannuation trustees and funds.

According to the regtech developer, the platform serves to directly tackle the “challenges associated with the new data regime, impacting key regulatory performance measures like the Your Future, Your Super Annual Performance Test and Heatmaps.”

Nuj founder and chief executive Matthew McKenzie said the platform “simplifies regulatory compliance by automating tasks, ensuring data validation, and providing valuable insights”.

The platform, Nuj notes on its website, also supports intelligent data mapping, “[simplifying] the creation of APRA SDT forms by converting raw data into compliant formats”.

“Our platform enables quick reviews and updates, helping you swiftly address anomalies and stay ahead of regulatory requirements.”

MUFG chief operating officer Rory Sheehan welcomed the Nuj platform integration, which he said will make it easier for its partner funds to meet their regulatory obligations while at the same time strengthening industry best practice.

McKenzie confirmed the regtech firm has worked closely with MUFG over the last year to successfully onboard their clients.

The Nuj solution is among a number of integrated services available to MUFG Retirement Solutions partner funds, among which include AustralianSuper, Aware Super, and Rest Super.

Formerly known as Link Group and listed on the ASX, MUFG Retirement Solutions underwent a rebrand earlier this year following its acquisition by Japanese financial services giant Mitsubishi UFJ Trust & Banking Corporation.