The London-based SaaS for banks and financial institutions has arrived in Southeast Asia

For its Asia Pacific expansion, London-grown regulatory technology (regtech) ClauseMatch has launched operations based in Singapore. ClauseMatch offers SaaS-based management automation that supports banks and financial institutions.

ClauseMatch was founded by its CEO Evgeny Likhoded who previously worked in legal and compliance roles at Morgan Stanley and Gazprom UK.

Just recently, the company announced a partnership with the digital bank Revolut right before the latter’s expansion to Singapore, Australia, and the US.

“Many banks have done expansions by way of acquiring local banks, and integration of local entities into the group is often not done perfectly. 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,” Likhoded further explained.

ClauseMatch first made an impression in the Singaporean market as part of a programme run by the UK’s Department of International Trade (DIT) mission to the city-state. At that time, the company joined industry discussions within the DIT events.

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“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,” Likhoded added.

ClauseMatch believes with the highly fragmented APAC’s regulatory environment, Singapore can maintain a highly regulated market that possesses an affinity with the UK’s own regulations. This helps with easier market entry for ClauseMatch.

The company has done its homework of aligning their compliance with recently published consultation on changes to the Technology Risk Management Guidelines released by the Monetary Authority of Singapore (MAS) in March 2019.

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ClauseMatch also has partnered with RegPac Revolution, the local regtech ecosystem platform in Singapore, to leverage its extensive professional connectivity in APAC markets. Arathi Arul, VP for Business Development at ClauseMatch, will lead the rollout of the company’s service offerings in Asia Pacific from Singapore.
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Photo by Dallas Reedy on Unsplash

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