ClauseMatch Enters APAC Region, Opens Headquarter in Singapore

Regulatory technology (RegTech) company ClauseMatch has launched its operations in Singapore, marking its footprint in the Asia-Pacific (APAC) Asia-Pacific (APAC) The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or Read this Term) 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.

“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 Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term.

“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.”