London-based regulatory technology (regtech) firm ClauseMatch has announced a new partnership with Singapore-based service provider for financial institutions Ingenia.
The partnership has been formed to offer a “compliance-as-a-service” for small and medium-sized financial institutions in Singapore – combining Ingenia’s consultancy service with ClauseMatch’s regtech solution.
Rolf Haudenschild, co-founder, head of regulatory & risk services, 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.”
This development comes after Singapore and the UK recently signed agreements that will boost collaboration in financial services.
“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,” commented Chionh Chye Kit, Chair of SFA RegTech Sub-Committee.
Ingenia designs, advises on and maintains compliance frameworks for financial institutions who outsource their compliance function and in specific compliance support assignments.
With the adoption of ClauseMatch’s platform, it can now create and maintain policies/procedures for its clients with real-time collaboration availability.
The firm currently has approximately 60 clients, among them 16 assignments for outsourced compliance and 9 for compliance assistance.
“At ClauseMatch, we see that financial institutions in Asia are starting to become much more attentive to innovations in the regulatory technology field,” said Arathi Arul, head of sales for the SEA region.
“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.”
