ClauseMatch announced its first engagement in Singapore with Ingenia, a Singapore-based service provider for financial institutions. This partnership has been formed to provide "Compliance-as-a-Service" for small and medium-sized financial institutions in Singapore bringing together Ingenia's consultancy services enhanced by the ClauseMatch RegTech solution.
This development comes along with Singapore and the UK signing three agreements in London on June 13 that will boost collaboration in financial services including making a new agreement to enhance cooperation in data connectivity between the two financial centres.
Ingenia designs, advises on and maintains compliance frameworks for financial institutions who outsource their compliance function and in specific compliance support assignments. They assist in the challenging tasks of creating, supporting and running the compliance function for smaller financial institutions, including fund managers, external asset managers, and FinTech companies.
By adopting the ClauseMatch platform to create and maintain policies and procedures for their clients, they will be able to collaborate in real-time with their clients to conceive their policies and procedures, ensure that their clients'policies and procedures are up to date, and easily share the framework with their clients. Ingenia currently has approximately 60 clients, among them 16 assignments for outsourced compliance and 9 for compliance assistance.
Rolf Haudenschild, Co-Founder, Head of Regulatory & Risk Services at Ingenia, commented: "First and foremost, this partnership gives smaller financial institutions in Singapore and Asia much needed access to the advanced tools and capabilities for regulatory compliance. We are excited to be partnering with ClauseMatch, as their solution provides a simple yet powerful approach to tackling an issue central to regulated financial institutions – how to reduce the time, cost and complexity of dealing with regulations and core business documents."
"At ClauseMatch, we see that financial institutions in Asia are starting to become much more attentive to innovations in the regulatory technology field. This partnership with Ingenia is a significant step for us both specifically in the investment management industry and as our first development in the South East Asia region. Ingenia's impressive network and close experience with local companies will play a crucial role in providing the market with innovative solutions", - Arathi Arul, Head of sales for the SEA region mentioned.
RegTech indeed is gaining closer attention in Singapore and support from the Singapore government and industry associations this year. The Monetary Authority of Singapore (MAS) has been investing in SupTech (supervision RegTech for financial regulators) and supporting innovations for compliance, while the Singapore FinTech Association has just launched a new RegTech Sub-Committee.
"Collaboration between Ingenia Consultants and ClauseMatch is a perfect example of what SFA RegTech Sub-Committee would like to promote going forward. The smart application of technologies to achieve better regulatory outcomes for smaller financial institutions shows that RegTech is quite essential in the current tough regulatory environment", says Mr. Chionh Chye Kit, Chair of SFA RegTech Sub-Committee.
"Monetary Authority of Singapore recognises the importance of regulatory technology which is signified by the agreement between the UK and SG governments on RegTech among other things. In the last few years London emerged as the leader in RegTech and the partnership with Ingenia will help local firms get access to best in class-leading tech in compliance," Evgeny Likhoded, CEO & Founder at ClauseMatch mentioned.
To recall, earlier, in March, ClauseMatch expanded into South East Asia out of Singapore. The company is currently working with several global financial institutions including Barclays and Revolut which have Singapore presence. However, the contract with Ingenia is the first one with a local entity in the region for ClauseMatch. It is now currently mastering the solution for the investment management industry having been selected as one of 10 finalists for the IMAS DAP accelerator in Singapore back in May.