Building on its successful Australian operation, the company relocates six senior personnel to spearhead further growth in South East Asia
02 March 2016, Singapore – Fenergo, the leading provider of Regulatory Onboarding & Client Lifecycle Management solutions for investment, corporate and private banks, has officially launched its Singapore operations.
The launch event was hosted by the Irish Ambassador on Wednesday, 17th February 2016, and attended by the who’s who of financial institutions operating in the region.
In welcoming the guests to the event, the Ambassador of Ireland to Singapore, Geoffrey Keating, charted Fenergo’s successes over the last number of years. “I am delighted to launch Fenergo’s Singapore office. In the same way that Singapore has developed a strong reputation as a leading global financial centre, Ireland has cultivated a deep competency in producing world-class software solutions. Ireland has emerged as a provider of major financial technology products and software throughout the past 10 years. The Government is extremely supportive of Irish FinTech companies – as seen through the publication of a dedicated International Financial Services Strategy in 2015. Having experienced 100% growth year-on-year for the last four years and secured €85m fundraising in 2015, Fenergo has bold plans to expand its global footprint, starting with Singapore”.
Having initially entered the Asia Pacific market in September 2014 with the opening of its first office in Sydney, Australia, Fenergo is accelerating its plans to expand further into South East Asia with the establishment of a local delivery centre and team in Singapore to service the needs of local financial institutions. The company has already relocated six experienced subject matter experts from Europe to accelerate the knowledge transfer in this market, and is undertaking an aggressive hiring strategy to put in place local resources.
At the launch event, Faham Rashid, Director, Operations & Technology for Global Banking & Markets division of Scotiabank, one of Fenergo’s longest-standing clients, spoke of the strong relationship that Scotiabank has with Fenergo in implementing a truly global Client Lifecycle Management solution. He said:
“The global regulatory challenge is one that continues to evolve and grow. It’s more of a journey than a destination. Therefore, it is important to find the right solutions partner to travel along that journey with you and provide the guidance needed to navigate the path ahead. We found such a partner in Fenergo”
Thanking the Ambassador for hosting Fenergo’s official launch in Singapore, Marc Murphy, Fenergo CEO, added,
“Our core aim over the coming years is to build our team in South East Asia to provide financial institutions in the area with industry leading software solutions that enable them to solve the regulatory, data management and operational challenges they are facing. In addition to creating a local delivery centre of excellence in Singapore, we will be extending our community approach to solving industry issues by launching our APAC Client Advisory Board and Regulatory Forums. These client-only forums involve the commitment and collaboration of our clients across the world to determine the regulatory road ahead and the strategies, software and capabilities needed to solve them. I am really looking forward to growing and strengthening our presence throughout South East Asia”.
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Fenergo is a leading provider of Client Lifecycle Management software solutions for investment, corporate and private banks. Its solutions help institutions to efficiently manage the end-to-end regulatory onboarding and entity data management processes. Its rules-driven solution ensures compliance with multiple regulatory frameworks and supports the collection, centralization and sharing of client and counterparty data and documentation across the institution. By expediting compliance and improving operational efficiencies, Fenergo’s solutions can onboard clients faster, improve time to revenue and overall client experience. Fenergo’s most recent accolades include: FinTech Forward Company to Watch (American Banker, 2015); Chartis RiskTech 100 (Chartis Research, 2016 and 2015), Best Enterprise Data Management (Inside Reference Data, 2014).