Clausematch and Ingenia experience demand for Compliance Automation among Asian SMEs

By Edlyn Cardoza

Clausematch, in collaboration with Ingenia, is undergoing significant growth in Asia, has signed on five new clients in the region in just three months. The growth directly results from increased interest in RegTech solutions to streamline and enhance the effectiveness of compliance and risk management instigated by recent grants of SGD 42 million by the Monetary Authority of Singapore (MAS). 

Clausematch and Ingenia formed a partnership in 2019, combining Clausematch’s regulatory technology solutions with Ingenia’s managed services. The union represents the next stage of full suite “Compliance-as-a-Service” offerings that allow small and medium-sized financial institutions to outsource their compliance functions. While outsourced compliance services generally free up smaller enterprises to focus their resources on their core business, this union facilitates their access to RegTech tools to automate and streamline compliance operations. The financial institutions themselves can pursue enhancements in their core business technology. In parallel, the union of managed compliance services and RegTech will propel their compliance forward. 

The partnership has proven beneficial to both parties and clients alike. However, over recent months, supported by government financing initiatives, Clausematch and Ingenia are seeing a sharp increase in the adoption of RegTech solutions combined with managed compliance services. A total of five new clients from Singapore have recently signed with the partnership. 

Both Ingenia and Clausematch credit government initiatives with help to stimulate the increased implementation of RegTech in compliance. At the outset of the pandemic, the MAS had launched the Digital Acceleration Grant for a total of SGD 35 million, which was succeeded by enhancing this grant and a regulatory technology (RegTech) grant scheme for a total of SGD 42 million announced in April 2021. The MAS Enhanced Digital Acceleration Grant program was launched to help smaller financial institutions and FinTech firms adopt digital solutions to position themselves for recovery and growth post-pandemic. Given the strong original response, the MAS extended the window for applications to the end of 2021 and allocated a further SGD 30 million. The RegTech grant scheme aims to “accelerate technology adoption in the financial sector, specifically for risk management and regulatory compliance.” 

Rolf Haudenschild, Co-founder of Ingenia, says: “Many smaller institutions recognize the benefits of RegTech in principle, but the cost and implementation are significant barriers. Ingenia, in partnership with Clausematch, plays a critical role by acting as an aggregator for RegTech solutions, allowing institutions to leverage our economies of scale in the compliance segment. The MAS initiatives are now helping more organizations to benefit from enhancements through RegTech.” 

Evgeny Likhoded, CEO and Founder of Clausematch, says: “We are delighted that Clausematch’s platform, in partnership with Ingenia, is gaining such enthusiastic reception among clients in Asia. The success of the MAS initiatives underscores the critical role that governments and financial authorities play in helping to foster and promote innovation and technological adoption.” Clausematch and Ingenia are looking forward to collaborating with new clients in Asia and extending their joint footprint in the Asian financial and FinTech sector. 

Recently, IBS Intelligence sat down with Evgeny Likhoded, Founder & CEO of Clausematch,to discuss the importance of RegTech in the financial services industry and the company’s future plans.