Exclusive: Muinmos Sees Expansion in Asia, Looks to US

Muinmos, a company that specialises in automated regulatory compliance, has exclusively revealed to Finance Magnates a number of developments, including the company’s expansion and segmentation of its regulatory compliance engine.

Taking a look at the company’s recent expansion, according to the statement seen by Finance Magnates, Muinmos’ regulatory compliance engine has been gaining traction in Europe and, following the opening of the firm’s office in Singapore, has seen an uptick in clients from China, Hong Kong and Taiwan.

In particular, the regtech company has seen an increase in interest from Singapore-headquartered financial institutions, with operations in the UK and Europe. Additionally, Muinmos has managed to secure a financial institution in the USA, as an anchor client, allowing the company to start to fully explore the country’s market.

Speaking to Finance Magnates, Remonda Z. Kirketerp-Møller, Founder and CEO of Muinmos said: "We will for now focus on our Asian and US opportunities from our offices in Denmark, UK and Singapore, but if momentum picks up and necessitates the need for a particular presence in any specific jurisdiction, we will explore that."

She continued to state that: "We remain interested to anchor Muinmos as a global compliance engine. As such, we welcome the opportunities and challenges of any other country or region where our clients are from or wish to embark."

Segmentation of Muinmos Compliance Engine

As part of the changes revealed exclusively to Finance Magnates, Muinmos outlined in addition to offering its regulatory compliance engine as a whole, it has also been divided into three separate product modules - mPASS™, mCHECK™ and mRX™.

According to the statement, by providing the engine in three tailored solutions, it provides financial institutions with greater flexibility for compliance teams. These involve preparing and navigating MiFID II client categorisation Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term that are mandated by ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term, come into effect today.

"Muinmos has segmented our proprietary compliance engine into three parts so that clients are able to cherry-pick what is needed to complement or complete their current regulatory compliance needs," Remonda Z. Kirketerp-Møller explained to Finance Magnates.

"For example, we have clients who may wish to continue using their existing AML provider while they utilise Muinmos mPASS for their client categorisation as well as Suitability & Appropriateness of financial products and services assessments. We find that having product modules would also allow us greater insights into various market needs, and it also strengthens the fundamental understanding of Muinmos within the industry."

COVID Magnifies Need for Regtech Solutions

The coronavirus pandemic has influenced our lives in almost every way. That too is true when it comes to regulatory compliance. As highlighted by Remonda Z. Kirketerp-Møller, the pandemic has accelerated the need for rapid and virtual solutions for financial compliance.

"Sales, legal and compliance teams no longer have the advantage of being within the same building to manage client onboarding decisions. Muinmos offers global teams the benefit of being able to undertake the full spectrum of cross-border regulatory compliance in less than five minutes. Clients utilising our compliance engine are able to arrive at an onboarding decision concerning their potential clients much faster than how they have been doing."