RegTech Insight Brief

Anglo-Gulf Trade Bank Chooses Fenergo for CLM Solution

The world’s first digital trade finance bank, Anglo-Gulf Trade Bank (AGTB), based in the UAE, has chosen Fenergo to deploy its CLM platform.

Fenergo will enable AGTB to meet its strategic objective to disrupt the trade finance market with a cloud-based, digital-first and client-centric model leveraging emerging technologies such as data analytics and API connectivity.

AGTB aims to address the gap in the trade finance market by becoming the first digital bank servicing the sector. Fenergo’s API-first CLM solutions will provide AGTB with a single client view across all departments, jurisdictions and products, while expediating Know Your Customer (KYC) and Anti Money Laundering (AML) processes and time to revenue. 

FCA & FRC Remind Firms Of Extended Financial Information Timelines

The FCA and FRC have issued a statement reminding companies of the measures issued in 2020 that provide more time for the work necessary to ensure that published financial information continues to be of the quality that preparers and users of financial information expect. These include allowing listed companies an additional two months to publish their audited annual financial reports.

“This is because we recognise that we are now in the busiest period of the year for preparing, auditing and publishing financial information. This has coincided with further restrictions imposed through the recent national lockdowns in the UK,” says the statement. “The FCA and FRC would like to encourage all stakeholders including in particular boards of listed companies to (1) re-familiarise themselves with the measures and (2) use them in light of any resourcing constraints in finance and/or audit teams to ensure the quality of reporting is not compromised during this period.”

EBA Announces Timing for 2021 EU-wide Stress Test Exercise

The European Banking Authority (EBA) will launch its 2021 EU-wide stress test exercise with the publication of the macroeconomic scenarios on 29 January at 18:00 CET. The EBA expects to publish the results of the exercise by July  31, 2021.

TA Associates Sells ITRS Stake to Montagu Private Equity

Montagu Private Equity has agreed to acquire a majority position in ITRS Group, a global provider of real-time monitoring and analytics software, from TA Associates, which will remain a minority holder alongside Montagu and Management. Financial terms were not disclosed but completion is expected next month, subject to regulatory approvals.London-headquartered ITRS Group has over 3,000 clients worldwide, including nine out of the ten Tier 1 investment banks. In September 2020 it acquired Uptrends, a Netherlands-based web performance monitoring solution, to strengthen its product suite.

KBC Bank chooses Finastra for LIBOR transition

KBC Bank, a Belgium-based bank with operations across Europe, US and Asia Pacific, has chosen Finastra to help manage its transition through the upcoming interbank references rates changes. It has selected Fusion Loan IQ Alternate Reference Rates (ARR) module to manage new rates and to expand its lending business. The bank has also opted for the Fusion LIBOR Transition Calculator to help calculate rates ahead of the transition period.

DTCC Releases White Paper on Managing Post-Covid Risk

The Depository Trust & Clearing Corporation (DTCC), a provider of market infrastructure for the global financial services industry, has released a white paper identifying key priorities where financial market infrastructures (FMIs) should focus in the coming years to proactively and effectively manage risk in a post-pandemic environment. FMIs around the globe performed remarkably well amid unprecedented market volatility and record trade volumes in the wake of the coronavirus outbreak. However, the pandemic’s impact will likely cause structural changes to the financial services industry, as well as the regulatory landscape and legislative agendas.

ATP Goes Live with SimCorp’s SFTR Solution

ATP, Denmark’s largest public pension fund, has gone live on SimCorp’s cloud-based SFTR solution. ATP’s go-live coincides with the reporting start date for the third phase of SFTR, on January 11, where it joins several SimCorp clients who have smoothly transitioned to the cloud-based regulatory reporting platform, and successfully automated reporting to their chosen Trade Repository.

DSB Seeks Views on UPI Fees

The Derivatives Service Bureau (DSB), founded by the Association of National Numbering Agencies (ANNA), to facilitate the allocation and maintenance of ISINs, CFIs and FISNs for OTC derivatives, is calling on industry to respond to a first consultation on the fee model principles underpinning the Unique Product Identifier (UPI) service, which opened this week. The DSB urges market participants required to report to trade repositories anywhere in the world, and will be mandated to incorporate the UPI into their workflows, to review and respond to the consultation.

Fenergo Automates Client Onboarding Systems for Mizuho Americas

Mizuho Americas has deployed Fenergo client lifecycle management (CLM) software to automate Know Your Customer (KYC) and Anti-Money Laundering (AML) regulatory processes, digitalise workflows and accelerate client onboarding. The Fenergo implementation replaces manual processes and provides Mizuho Americas with a single, comprehensive view of customers across all business lines. Mizuho Americas’ parent, Mizuho Financial Group, is also planning to implement Fenergo’s CLM solution across its Global Securities division.

SmartStream Reveals New Brand Identity

SmartStream Technologies, the financial Transaction Lifecycle Management solutions provider, has launched a new corporate brand identity, including an updated logo and website. The new logo includes the infinity symbol, selected to demonstrate the continual evolution of the business, in line with the rapid pace of industry change.

CEO Haytham Kaddoura said: “We are proud of our history. With over four decades of experience behind us, we are a trusted partner to the financial industry, transforming middle and back-office operations globally. Our wealth of practical knowledge, coupled with a constant focus on innovation, sets us apart from the rest”.