RegTech Insight Briefs
Sequantis Expands RegTech Offering
Sequantis, the French specialist in services and tools to help investors effectively monitor their financial investments within the accounting and regulatory rules framework, has announced the expansion of Sequantis Look-Through (LT), its RegTech company. With expertise in regulations analysis and compliance assistance, Sequantis LT was founded by Sequantis partners Nicolas Fournier and Olivier Durquety.
The company offers a regulatory reporting outsourcing service and currently assists asset management companies and institutional investors in relation to compliance with the various forms of regulation, such as PRIIPS, Solvency II and MIFID II.
Australia To Invest $390m in Financial Regulation
Australia’s new budget will include an additional AUD550 million ($390 million) to boost funding for policing the country’s financial sector, according to Reuters, citing Treasurer Josh Frydenberg.
The funds will finance the implementation of recommendations issued earlier this year by a government-appointed Royal Commission enquiry into financial sector greed and malpractice. The recommendations include a new oversight body for corporate regulators and the overhaul of remuneration structures across the industry.
The government will allocate A$400 million in additional funding to the Australian Securities and Investments Commission and A$150 million for the Australian Prudential Regulation Authority over the next four years.
Fiorano Partners with Konsentus for PSD2 Compliance
Fiorano Software, a specialist in enterprise middleware, integration and API management, has added Third Party Provider (TPP) Identity & Regulatory checking services from Konsentus, a UK-based Regtech company providing live SaaS-based APIs to check TPP identity and regulatory status, to its ready-to-deploy PSD2 platform to provide enhanced support to institutions working towards PSD2 compliance.
Whilst the first major deadline passed on March 14, whereby institutions had to make their ASPSP interfaces available for external testing, the next major PSD2 deadline is September 14, when banks must demonstrate the effective application of all EBA technology mandates.
Union of Arab Banks Calls for Increased RegTech Investment
FinTech has been enthusiastically adopted by local banks but the Middle East region is lagging behind on Regtech investment, warned Wissam Fattouh, who is also Chairman of the MENA Financial Crime Compliance Group. Speaking at a MENA Regulatory Summit in March, Fattouh urged greater investment in regtech applications, without which he warned that firms would be more exposed to cyber security risks and financial crime.
Sanlam Asset Management Selects AQMetrics to Provide AIFMD Reporting
Sanlam Asset Management (Ireland) has selected AQMetrics to provide AIFMD Annex IV regulatory reporting for its funds. Sanlam will utilise AQMetrics software technology to automate Annex IV reporting, having deemed the AQMetrics platform the most scalable and robust technology best suited to fit the firm’s requirements as the regulatory landscape evolves. The announcement marks the start of a complete digital overhaul for the firm’s operations.
CellTrust SL2 Reports 1900% YOY Revenue Growth
US-based CellTrust Corporation, which provides enterprise mobile communications compliance solutions, on March 25 announced a 1900% growth in revenue for 2018 over 2017. “As the RegTech market rapidly expands around the world, CellTrust is meeting the technology and geographic mobility demands,” explained Sean Moshir, CellTrust’s Chairman and CEO. “The number of financial enterprises and countries our SL2 mobile compliance solution is being used in has grown significantly, as have revenue and market share.”
“We are on track to release the next version of our flagship CellTrust SL2 application mid-2019,” added Sean Moshir, Chairman and CEO.
Binance Partners with IdentityMind to Enhance Compliance
IdentityMind, a risk management and RegTech compliance platform offering KYC and AML service including real-time onboarding, transaction monitoring, and case management solution built for digital currency exchanges, in March announced a new partnership with Binance, the world’s biggest cryptocurrency exchange by trading volume and users. As part of a joint mission to help raise the industry’s standard, Binance and IdentityMind will work together to improve existing data protection and compliance measures for Binance’s global operations.
Clausematch Opens Asia-Pacific HQ
London-based ClauseMatch, which provides a Software-as-a-Service solutions that automates compliance management for banks and financial institutions, is expanding into Asia Pacific with the launch of new headquarters based in Singapore. The firm has also teamed up with local platform RegPac Revolution to gain networking connectivity and traction in the region. Arathi Arul, VP for Business Development at ClauseMatch, will lead the roll-out of the company’s service offerings in Asia Pacific from Singapore.
Singapore FinTech Association Forms Regtech Sub-Committee
After almost a year of gestation, the Singapore Fintech Association has formed a new RegTech Sub-Committee, with an official launch currently being planned for May 30, 2019. Its mission is to foster the RegTech ecosystem in the financial sector in Singapore through talent development, engagement with regulators, engagement with Industry, and nurturing the development of RegTech companies. The Sub-Committee is currently comprised of Chionh Chye Kit, CEO & Co-Founder of Cynopsis.co; Guy Shepphard, Head of Asia-Pacific Financial Crime at SWIFT; Rolf Haudenschild, Head of Regulatory & Risk Services at Ingenia Consultants; and Andrew Tan, Partner at Ignite Consulting.
Numerix Adds ISDA SIMM Margin Module to Oneview Derivatives Pricing and Risk System
Numerix, a provider of risk technology, has added an initial margin module using ISDA’s Standard Initial Margin Model (ISDA SIMM) methodology to its derivatives pricing and risk system, Numerix Oneview. Built on cutting-edge derivative models and a high-performance compute engine, Oneview provides a holistic view of the entire derivatives business across the front and middle offices. As an officially licensed vendor of ISDA SIMM, Numerix will offer a fully-featured initial margin solution for institutions that trade non-cleared derivatives.
The final phases of uncleared margin rules come into effect from September 1, 2019.