Revolut Enlists London-Based Regtech for Help in Complying With MAS’ Regulationsby Fintechnews Singapore January 29, 2019
Revolut, a digital-only bank from the UK, announced that it has signed an agreement with ClauseMatch. Following a trial period, Revolut is adopting the regulatory technology also from London to streamline management of internal policies, controls and regulatory compliance—including the bank’s upcoming launch in Singapore.
The neo-bank anticipates a Singaporean launch within Q1 of 2019, along with other Asia-Pacific regions with nearly 100,000 customers on the waiting list hailing from these regions.
Revolut is currently working in multiple jurisdictions with different rules applied to financial services companies. And across these jurisdictions it faces different financial regulations, creating challenges for a company looking to comply. The company’s CEO and Founder has noted that one of the main reasons the company was able to scale so fast is due to its serious approach to compliance.
Nikolay Storonsky, Revolut CEO and Founder said:
“Compliance is something that a company cannot get wrong. That’s why it is incredibly important to evaluate the process constantly and innovate where possible.”
“We strongly believe in innovation and technology. Some companies build compliance function by hiring hundreds, sometimes thousands, of mature professionals. We decided to double-down on technology, as it’s a scalable approach that will help us as we grow and expand globally. Regulatory technologies such as ClauseMatch does indeed help us achieve it.”
ClauseMatch will be helping Revolut to map regulations to policies and provide continued evidence of robust compliance with multiple regulatory obligations applicable to them in relevant jurisdictions. According to Revolut, this task otherwise would typically take thousands of hours when done manually.
Previously, Revolut was granted a Remittance License by the Monetary Authority of Singapore, as well as Stored Value Facility approval, which will allow them to operate in the city-state once launched. Revolut is also working with the Singapore regulator to shape the upcoming Payment Services Bill thanks to its experience in Europe, which has passed in Parliament earlier this month.