Fenergo Addresses Demand for RegTech in Middle East & Africa with the Appointment of Cormac Sheedy
Joins DIFC’s fintech accelerator
Dublin, Dubai - 30 April 2019 – Fenergo, the leading provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, has appointed financial services industry veteran, Cormac Sheedy as Head of Sales for Middle East & Africa (MENA). Cormac will join Sean Moore, Head of MENA and Fenergo’s existing team in Dubai and brings 25 years’ experience to the role. Cormac will deliver on Fenergo’s strategic objective to provide innovative CLM solutions that streamline compliance processes and digitally transform client journeys.
In line with Fenergo’s ongoing MENA expansion the company is now fully licensed by the Dubai International Financial Centre (DIFC); an innovative financial hub for businesses in the Middle East, Africa and South Asia. Fenergo will relocate to DIFC’s fintech accelerator, the Fintech Hive.
Fenergo will work closely with Gulf Cooperation Council (GCC) regional banks and large financial institutions to deliver out-of-the box API-first CLM solutions. With increasing scrutiny on regulatory compliance in the region, financial institutions will benefit from Fenergo’s deep expertise in Know Your Customer (KYC) and Anti Money Laundering (AML) and market-leading regulatory rules engine. Coupled with Fenergo’s regulatory community-based approach to product development, customers will become future proofed against upcoming regulation while optimising customer experiences.
Marc Murphy, CEO, Fenergo, said: “Until recently MENA has lagged behind somewhat in terms of regulatory compliance. However, due to the onset of Foreign Account Tax Compliance Act (FATCA), the Dubai Financial Services Authority and other regulators are applying increased scrutiny to financial institutions. There is the expectation that firms will need to increase their investment in regtech applications in order to adhere to regulatory requirements and reduce financial crime. As we respond to market demand, Cormac’s in-depth knowledge and experience of MENA financial services along with our DIFC alliance will be invaluable.”
Cormac Sheedy, Head of Sales, MENA, Fenergo said, “Many of the world’s largest and the region’s most established financial institutions now have a presence in the DIFC, and it’s imperative to ensure they’re adhering to international regulatory standards. The growing focus on regulation and compliance in the region has created an unprecedented demand for fintech and regulation technology, which provides enormous opportunities for growth. I’m very excited to be joining Fenergo, a recognised world leader in the regtech space, and am looking forward to helping grow the company’s presence across the MENA region”
Prior to joining Fenergo, Cormac Sheedy held senior positions with Invesco Asset Management, Fidelity and Royal Bank of Canada, and most recently at Jersey Finance Limited.
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides digital Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management & Asset Servicing, Private Banking & Wealth Management. Counting 70+ global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.
Fenergo’s community-based approach to product development allows clients to collaborate on solution design on a global scale. Its rules-driven solution ensures compliance with multiple global and local regulatory frameworks including AML, KYC, SFTR, Tax (CRS, FATCA, 871M), OTC Derivatives (EMIR, Dodd-Frank, MiFID II, Margin Requirements) and data privacy rules (GDPR). It supports the collection, centralization and sharing of client and counterparty data and documentation across the institution and deploys an API-first approach to advanced integration with a host of external KYC, AML and entity data providers, KYC and industry utilities. The solution is underpinned by next generation Artificial Intelligence, Robotics Process Automation and Machine Learning technologies, using advanced OCR and NLP capabilities to extract information, expedite compliance and improve operational efficiencies.
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