RegTech firm Muinmos has just announced its partnership with RHT Compliance Solutions in order to take advantage of the increasing interest in its Regulatory Onboarding Engine in Singapore.
RHT Compliance Solutions in Singapore provides services to Financial Institutions and Capital Market Intermediaries in Singapore and the region. Through the partnership, RHT will offer Muinmos’ Regulatory Onboarding Engine to their growing client base made up of banks, investment banks, brokers and fund managers.
The timing of this partnership is ideal. The Government in Singapore is encouraging firms to embrace technology and go digital. Financial Institutions are lookingto automate processes wherever possible and Muinmos’ RegTech products are ideally placed to help the compliance function to become more streamlined and efficient. We are excited to bring this technology to our clients.
Muinmos’ uses AI and machine learning in its technology to simplify onboarding and improve the compliance process across multiple jurisdictions. Its Regulatory Onboarding Engine is made up of three modules, mPASS, mCHECK and mRX, to provide flexibility to Financial Institutions. Together, these modules provide a complete one-stop-shop regulatory compliance onboarding solution.
mPASS is aimed at automated categorisation, suitability and appropriateness checks. This module provides instant clearances on whether Financial Institutions can onboard or keep a client in any country / for any financial service and financial instrument. The clearing process takes under three minutes after which clients are ready to be onboarded.
mCHECK deals with relevant AML/KYC requirements and mRX is a risk management tool which allows Financial Institutions to risk profile their clients based on their pre-configured risk parameters. Financial Institutions are instantly notified of any regulatory parameters change or even potential new sales opportunities. This provides clients with 24×7 compliance across the globe whilst mitigating the risk of fines and mis-selling.
Muinmos’ products complement our existing services. We are certain, for example, that the regulators will be impressed by our clients who are applying for licences if they can see that these firms will be using such a powerful onboarding tool to enable them to meet their regulatory requirements. Through our partnership with Muinmos, RHT can offer a one-stop-shop for regulatory compliance including advisory services, customised training, preparation for regulatory inspections and advanced technology solutions.
We are delighted to be working with RHT Compliance Solutions. With our regulatory onboarding product and RHT’s deep local expertise and network, I believe we have a powerful combination and the ability to put RegTech firmly on the map in Singapore. Together, we can help Financial Institutions in Singapore and beyond to digitise their compliance processes and be safe in the knowledge that they are adhering to regulatory requirements throughout the lifecycle of their clients.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.