Partnership bolsters Fenergo's growth plans for APAC
LONDON, June 12, 2019 /PRNewswire/ -- Fenergo, a leading provider of Client Lifecycle Management (CLM) solutions for financial institutions announced its entry into the Taiwanese market through a partnership with TUNG-I Information Services (TUNG-I), a Taiwanese provider of solutions powered by artificial intelligence (AI) in information security, private cloud implementation, smart retail and finance.
As an exclusive CLM partner, Fenergo will provide TUNG-I's current and prospective Taiwanese clients access to cutting edge Know Your Customer (KYC) and Anti-Money-Laundering (AML) capabilities, further strengthening the company's offering. To ensure a seamless client experience, TUNG-I will provide local support, maintenance and implementation of Fenergo's CLM solutions.
The partnership comes in response to recent evaluations by the Asia/Pacific Group (APG) to prevent money laundering related crimes in Asia Pacific. The inter-governmental organisation, which consists of 41 member jurisdictions including Taiwan, reviewed Taiwan's AML practices in November 2018. The results, due to be announced in July 2019, are expected to have a profound impact on the country's ability to handle financial transactions worldwide.
"Our partnership with TUNG-I marks our entry into the Taiwanese market, and further solidifies our expansion into APAC," said Julian Clarke, Global Head of Partnerships and Alliances. "The Fenergo partnership programme is constantly evolving as we continue to build a strong and trusted network of partners such as TUNG-I across the globe and leverage local connections by having a partner with an established reputation in the region."
"Our banking clients require a CLM solution that transforms how they manage clients from initial onboarding, KYC/AML compliance, client data management and KYC reviews," said Tseng-Wei Chao, Executive Director at TUNG-I. "Fenergo is a leader in this space and for us was the most obvious choice to partner with in helping our clients across Taiwan meet full compliance with risk and regulatory obligations throughout their entire lifecycle."
"Regulatory rules are ramping up in APAC with differing requirements between countries. It's important that firms in the region have a solution that fulfils all obligations and eases the pressure off compliance teams," said Kyoka Li, APAC Director of Sales, at Fenergo. "It's clear that APAC need to get moving and this partnership with TUNG-I comes at a crucial time ahead of APG checks where financial institutions in Taiwan must ensure they are future proofed and meet regulatory and compliance requirements."
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, 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, 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.