Regulatory technology (RegTech) company ClauseMatch has launched its operations in Singapore, marking its footprint in the Asia-Pacific (APAC) market.
The London-headquartered company, with its SaaS solutions, offers financial institutions to streamline regulatory change management by organizing internal policies, standards, procedures, and controls. The company is also leveraging machine learning and artificial intelligence (AI) to automate the compliance process with regulatory needs.
Commenting on this expansion in the APAC region, Evgeny Likhoded, ClauseMatch’ founder and CEO, said: “Establishing a presence in Singapore is an important milestone for ClauseMatch. Many banks have done expansions by way of acquiring local banks. And integration of local entities into the group is often not done perfectly, so what we offer to banks in Asia is actually a way to manage their internal compliance in a central way and see where they have discrepancies with local processes in different countries in Asia.”
Tight Regulatory Rules are in Favor
In the press release shared with Finance Magnates, the company cited that its decision to open its APAC headquarter in Singapore was driven by the city-state’s status as a regional commercial hub.
Moreover, the affinity of the regulatory standards of Singapore with the UK’s financial market guidelines has cleared the resistance for the RegTech firm to enter the new market.
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“Besides, from what we experienced, Singapore is very open to collaborating with innovative financial technology companies from Europe and rate of adoption of technology in Asia is much faster because there are fewer legacy systems in large financial institutions,” Likhoded added. “We are eager to make our commitment to this market and help it perhaps even leapfrog other more established markets.”
The company has entrusted its vice president of business development Arathi Arul with the responsibility to roll out its operations in its new regional head office.
In her comment about the company’s Asian expansion, Arul stressed the benefits of the tough regulatory need of the Singapore market and said: “Singapore understands that and with the push from the MAS, companies realize the importance of innovation in order to help overcome these challenges. So, we see them taking the lead in Asia in terms of adoption of RegTech. This means it is the right time for ClauseMatch to enter this market in order to help companies streamline compliance processes. 2019 is set to be the year of RegTech in the region and we are extremely excited to be on this journey.”
In addition, as a part of its international expansion, the RegTech company has joined hands with local firm RegPac Revolution to get professional connectivity in the APAC region.
Earlier this month, ClauseMatch partnered with Revolut, offering its focused services to the mobile banking startup.
“We know the need in the market for innovative regulatory technology exists,” Mona Zoet, founder and CEO of RegPac, added. “RegPac is dedicated to connecting the dots between cutting-edge financial technology companies and the market in the region and we are inspired to see transformations ClauseMatch can bring for financial institutions in Asia.”