RegTech firm Clausematch has revealed it is undergoing ‘significant growth’ in Asia after having signed on five new clients on the continent in just three months.
According to Clausematch, the growth has been achieved in collaboration with regulatory firm Ingenia and is a direct result of heightened interest in RegTech solutions to streamline and enhance compliance and risk management effectiveness instigated by recent grants of SGD 42 million by the Monetary Authority of Singapore (MAS).
Clausematch and Ingenia established a partnership two years ago, with the former claiming that the union ‘represents the next stage of full suite compliance-as-a-service offerings’ that enable smaller and medium sized financial institutions to outsource their compliance function. Clausematch stated that the alliance also facilitates access for smaller enterprises to automate and streamline compliance operations.
The partnership – support by government initiatives – has also helped the two companies see a sharp incline in the adoption of RegTech solutions combined with managed compliance services.
Clausematch and Ingenia credited government programs that helped to stimulate the increased uptake of RegTech in compliance. At the start of the pandemic, the MAS launched the Digital Acceleration Grant, which was later succeeded by the enhancement to this grant as well as a RegTech grant scheme for a total of SGD 42 million.
Clausematch CEO and founder Evgeny Likhoded said, “We are delighted that Clausematch’s platform, in partnership with Ingenia, is gaining such enthusiastic reception among clients in Asia. The success of the MAS initiatives underscores the critical role that governments and financial authorities play in helping to foster and promote innovation and technological adoption.”
Ingenia co-founder Rolf Haudenschild added, “Many smaller institutions recognize the benefits of RegTech in principle, but the cost and implementation are significant barriers. Ingenia, in partnership with Clausematch, plays a critical role by acting as an aggregator for RegTech solutions, allowing institutions to leverage our economies of scale in the compliance segment. The MAS initiatives are now helping more organizations to benefit from enhancements through RegTech.”
Digital pension provider PensionBee recently implemented the software of Clausematch to manage its internal policies and controls. Earlier this year, Clausematch launched a Partnerships and Certification program for financial institutions and regulators.
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