The world of fintech continues to expand each and every year and in the process has forever changed the way in which we interact with financial firms. This revolution has turned many industry segments on their head including payments, lending and crowdfunding, data and analytics, investing, digital currencies and many more.
One of the less talked about but vital areas that fintech is focused on is regulation. muinmos is a company that is doing its best to cut out the time and red tape association with the regulatory process.
When financial institutions onboard clients, there is significant expense and time associated with ticking all the regulatory boxes. muinmos’ cloud-based PASS software instantly categorises clients in accordance with MiFID II in the EU or its equivalent in the rest of the world.
muinmos has received funding from some high profile investors and some of the industry’s most respected fintech specialists. But like all companies, they need to continue to expand and stand out from the crowd.
muinmos recently appointed former CEO of NetDania Markets Jonas Nielsen as its Business Development Director. Nielsen is tasked with the job of growing the companies global client base and educating the market about the tangible business benefits of the firm’s flagship product, PASS. And that’s not an easy task. But it’s one Nielsen is excited to be taking on.
“I was ready for a new challenge and am really excited by the opportunity to work with such a high calibre team and for a business with such significant growth potential. Remonda and her team have created an exceptional and unique product, PASS, for which there is a genuine and underserviced need in the market. With all the latest regulations, it is so hard for financial institutions to be compliant and remain compliant – and muinmos PASS addresses this gap.
Regulation and the burden it can have on an organisation is one muinmos hopes to break down. And that involves changing perceptions of regtech with some of the industries oldest players.
“To us, awareness of the capabilities of muinmos’ product is the big challenge. There are many tangible benefits of automating compliance and of making onboarding easy. These include saving money, making money and avoiding fines. But all the tens of thousands of institutions out there need to know about muinmos, and the possibilities presented by our system, before adopting it.”
“Another challenge is that many of the larger players are slow adopters of new technology, especially in RegTech. Changing the perception of the lawyers and legal staff and making them aware of the benefits of our technology is critical to our success,” said Jonas Nielsen.
At this point in its history muinmos, has a substantial lead over the competition as it is the only solution of its kind. And that’s the type of advantage the company needs to capitalize on according to Nielsen.
“At the moment, muinmos sets the standard as it is the only platform in the world that is a one-stop-shop solution for automatically onboarding clients, clearing the AML, automatically classifying clients, and undertaking suitability and appropriateness tests across many jurisdictions. The product is unparalleled.”
Regulation is something that isn’t going anywhere. And the need to automate and improve the compliance process is one the excites Mr Nielsen.
“For some types of institutions increased regulation will continue to mean financial and operational overheads. For others, regulation can be an existential threat. To us, it is pure opportunity as there are ways to lessen these burdens – even greatly, i.e. by the use of our system. If you have the choice of doing something manually or automatically, I would go for the automatic solution. It is always more accurate and less costly. Nowadays, even very advanced things can be done through the use of technology,” said Mr Nielsen.