Fintech company ClauseMatch that provides regulatory technology has started its operation Singapore, marking its entry in the Asia-Pacific (APAC) market. ClauseMatch is a London headquartered company that offers SaaS solutions, allows financial institutes to streamline regulatory change management by organizing internal policies, controls, and functions. The firm also deploys AI and machine learning to automate compliance processes.
In the press release, the company noted its decision to open APAC headquarters in Singapore was driven mainly by the country’s status as a regional financial hub. Further, there is an affinity of the regulatory standards of Singapore with the UK’s financial market guideline which helped the firm to decide on entering the new market.
While speaking about the 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.”
“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. We are eager to make our commitment to this market and help it perhaps even leapfrog other more established markets.”
The company has handed the operations of the new regional head office to Arathi Arul, who is currently the vice president of business development with the firm. Arathi commented on the expansion:
“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.”
To build deeper roots in the region, the company has also partnered with local firm RegPac Revolution, to get professional connectivity in the APAC region.