LeapRate Exclusive… Remonda Kirketerp-Moller, Founder and CEO of RegTech company Muinmos, sat down with us to discuss the growth of AI solutions in the RegTech space, expansion in Muinmos’ team, partnerships, products and reach and much more.
LR: Last time you were LR’s guest was in December 2019 and you had big plans for 2020. What’s new in the company since then? Did you manage to achieve what you set out to accomplish despite the challenging situation of the pandemic?
Remonda: Yes, and more! We grew immensely – both in terms of people and partnerships, as well as in products and presence.
In terms of product, we’ve continued to develop our platform, adding features and capabilities on a monthly basis. To the outside eye, perhaps the biggest change to our product offering has been separating our client onboarding platform into three separate modules, offering clients the flexibility to select between individual modules or take all three together for a complete onboarding solution. This has really helped in terms of client acquisition and gave more range to our offering.
In terms of people and partnerships, we more than doubled our IT department and created new roles in other key functions such as client support, while of course onboarding many clients and partnering with more business partners.
We have also focused on brand development and have launched a new website to communicate our products and benefits more clearly.
So, all in all, the pandemic period was good for us, and we’re happy to see that the demand for RegTech products just keeps growing and growing.
LR: Muinmos was selected for the AI Fintech 100 list. Congratulations! Can you tell us what the AI Fintech 100 list is and why is it important to be included in it?
Remonda: Thanks, we were thrilled to have been included in that list in September 2021, which includes the world’s most innovative companies developing artificial intelligence (AI) based solutions for Fintechs. Also this year, for the fourth consecutive year, we were selected as a RegTech 100 company which was another significant achievement.
Inclusion in these global lists, curated by expert judges, provides a strong external endorsement and indicates to us, that even though the RegTech space has become increasingly competitive, we have maintained our market leading position.
LR: I know you believe that AI is the future. In your opinion, have more people started to believe that artificial intelligence will change our industry in the upcoming years?
Remonda: Absolutely. I think the number of AI based solutions is growing gradually, to a point that even some regulators have started using them, for example, in monitoring systems that detect unusual transaction patterns. Another very good sign in this respect is that regulators are also beginning to encourage the development of AI and Data Analytics (AIDA) RegTech solutions, with MAS’ Global Veritas Challenge as a prominent example of that.
Perhaps the best sign to that AI based RegTech is here to stay and grow can be found in the fact that regulators have begun to regulate it… (and here again, MAS’ AI Fairness, Ethics, Accountability and Transparency (FEAT) principles are a prominent example of that).
So yes, I think AI based solutions are here to stay, and become the sector’s standard, if not the entry-level solution, in the coming years.
LR: You referred to your three product modules. What are they?
Remonda: The individual modules are: mPASS™, our proprietary, AI driven regulatory compliance engine which provides instant regulatory clearances and keeps up-to-date with changing regulation; mCHECK™, our KYC/AML solution, which is unique in many ways, among others since it’s connected to numerous vetted data sources and is fully configurable, allowing our clients choice along with flexibility; and mRX™ which is a risk assessment tool enabling financial institutions to risk profile their clients based on their pre-configured risk parameters.
LR: Tell me more about Muinmos’s regulatory compliance engine, mPASS™? How does it benefit your clients?
Remonda: This is our flagship product and there really is nothing else out there on the market like it. It is AI based and instantly and automatically performs client categorisation, suitability and appropriateness checks, providing the client with full products and services cross-border clearances. In other words, it instantly and automatically answers the following question for the financial institution: “Can we offer this client product X with service Y in country Z?”
mPASS™ covers multiple jurisdictions, making it an invaluable tool for financial institutions of all sizes. These days, it is simply impossible for compliance teams to keep up-to-date with the relevant legislation and remain fully compliant while providing a high level customer experience, and that’s exactly what this module is here to solve.
mPASS™ gives our clients a number of very tangible benefits – it saves them time, mitigates the risk of fines and improves their customers’ experience by significantly streamlining and speeding up the onboarding process. It also ensures compliance throughout lifecycle thanks to its monitoring function. When used in conjunction with our other modules, mCHECK™ and mRX™, mPASS™ provides a very powerful and unrivalled complete onboarding solution, enabling the onboarding of any client type – not just retail, but professional and institutional as well – in under 3 minutes.
LR: You have expanded your team lately. Is the company planning to expand in the near future?
Remonda: We have grown a fantastic highly experienced team. Our most recent hire, Julien Mabit, was a former client at GKFX. As Muinmos’ Customer Success Director, Julien is responsible for after sales support and customer relationship management and, given his background, he really understands our offering from the client’s perspective.
We are continuing to grow our team at all levels and have big plans head. We are at a transition stage – we have a proven product which has been exceptionally well received by the market and we have a global client base. We are in a strong position now to accelerate growth and we need to grow our team in order to achieve our expansion plans.