Suade, a RegTech firm offering Regulation-as-a-Service (RaaS) to automate reporting and compliance for financial institutions, has committed $20 million to bolster growth in US and Canadian financial markets. The company says the financial commitment is also aimed at helping firms address the complex reporting requirements of Basel 3.1.
Diana Paredes, CEO of Suade, explains: “The upcoming Basel 3.1 framework underscores the urgency for banks to adopt agile and precise reporting systems. Our investment in US and Canadian growth is not just about expansion, it’s a testament to our commitment to supporting the financial industry as it grapples with evolving regulatory requirements.”
Bill Coen, former secretary general of the Basel Committee on Banking Supervision (BCBS) and now an advisory board member at Suade and chair of the RegTech Council, adds: “The magnitude of regulatory changes is pressing banks to seek more efficient reporting methods. Suade’s expertise ensures financial institutions remain both compliant and competitive.”
Founded in 2014, Suade takes a data-driven approach to regulation, using an open-source data model as well as natural language processing, continuous integration and containerisation techniques to provide end-to-end automation of regulatory reporting.
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