Regulatory know-how (RegTech) firm ClauseMatch has launched its operations in Singapore, marking its footprint within the Asia-Pacific (APAC) market.
The London-headquartered firm, with its SaaS options, provides monetary establishments to streamline regulatory change administration by organizing inner insurance policies, requirements, procedures, and controls. The corporate can also be leveraging machine studying and synthetic intelligence (AI) to automate the compliance course of with regulatory wants.
Commenting on this enlargement within the APAC area, Evgeny Likhoded, ClauseMatch’ founder and CEO, stated: “Establishing a presence in Singapore is a crucial milestone for ClauseMatch. Many banks have accomplished expansions by the use of buying native banks. And integration of native entities into the group is usually not accomplished completely, so what we provide to banks in Asia is definitely a method to handle their inner compliance in a central approach and see the place they’ve discrepancies with native processes in several international locations in Asia.”
Tight Regulatory Guidelines are in Favor
Within the press launch shared with Finance Magnates, the corporate cited that its choice to open its APAC headquarter in Singapore was pushed by the city-state’s standing as a regional industrial hub.
Furthermore, the affinity of the regulatory requirements of Singapore with the UK’s monetary market pointers has cleared the resistance for the RegTech agency to enter the brand new market.
“Apart from, from what we skilled, Singapore may be very open to collaborating with revolutionary monetary know-how corporations from Europe and fee of adoption of know-how in Asia is way quicker as a result of there are fewer legacy techniques in giant monetary establishments,” Likhoded added. “We’re wanting to make our dedication to this market and assist it maybe even leapfrog different extra established markets.”
The corporate has entrusted its vp of enterprise improvement Arathi Arul with the accountability to roll out its operations in its new regional head workplace.
In her remark concerning the firm’s Asian enlargement, Arul confused the advantages of the robust regulatory want of the Singapore market and stated: “Singapore understands that and with the push from the MAS, corporations understand the significance of innovation with the intention to assist overcome these challenges. So, we see them taking the lead in Asia by way of adoption of RegTech. This implies it’s the proper time for ClauseMatch to enter this market with the intention to assist corporations streamline compliance processes. 2019 is about to be the 12 months of RegTech within the area and we’re extraordinarily excited to be on this journey.”
As well as, as part of its worldwide enlargement, the RegTech firm has joined arms with native agency RegPac Revolution to get skilled connectivity within the APAC area.
Earlier this month, ClauseMatch partnered with Revolut, providing its targeted providers to the cell banking startup.
“We all know the necessity out there for revolutionary regulatory know-how exists,” Mona Zoet, founder and CEO of RegPac, added. “RegPac is devoted to connecting the dots between cutting-edge monetary know-how corporations and the market within the area and we’re impressed to see transformations ClauseMatch can deliver for monetary establishments in Asia.”