London-based RegTech firm ClauseMatch has partnered with Ingenia, a Singapore-based financial consultant to provide compliance-as-a-service for small and medium-sized financial institutions in Singapore.

This development follows Singapore and the UK signing three agreements in London on 13 June that will boost collaboration in financial services, including making a new agreement to enhance co-operation in data connectivity between the two financial centres.

Ingenia designs, advises on and maintains compliance frameworks for financial institutions who outsource their compliance function.

By adopting the ClauseMatch platform to create and maintain policies and procedures, the business will be able to collaborate in real-time with their clients to draw up their policies and procedures, ensure that their clients’ policies and procedures are up to date, and share the framework with their clients.

Rolf Haudenschild, co-founder and head of regulatory and risk services at Ingenia, commented: “First and foremost, this partnership gives smaller financial institutions in Singapore and Asia much-needed access to the advanced tools and capabilities they need for regulatory compliance.”

Arathi Arul, head of sales for the region, explained: “We see that financial institutions in Asia are starting to become much more attentive to innovations in the regulatory technology field.”

The Monetary Authority of Singapore (MAS) has been investing in SupTech, supporting innovation for compliance, while the Singapore FinTech Association (SFA) has just launched a new RegTech sub-committee.

“Collaboration between Ingenia Consultants and ClauseMatch is a perfect example of what SFA RegTech Sub-Committee would like to promote going forward,” said Chionh Chye Kit, chair of SFA RegTech sub-committee. “The smart application of technologies to achieve better regulatory outcomes for smaller financial institutions shows that RegTech is quite essential in the current tough regulatory environment.”

In March, ClauseMatch expanded into South East Asia out of Singapore. The company is currently working with several global financial institutions, including Barclays and Revolut, which have a Singapore presence.

The contract with Ingenia is the first with a local entity in the region for ClauseMatch, which is also now developing a solution for the investment management industry, having been selected as one of 10 finalists for the IMAS DAP accelerator in Singapore back in May.

Share Story: