Fenergo boosts MENA expansion after receiving a full license from DIFC

Digital client lifecycle management company Fenergo has boosted its presence in the Middle East and Africa (MENA) region having received a full license from the Dubai International Financial Centre (DIFC).

The RegTech has named Cormac Sheedy as head of sales for the region. In this role, Sheedy will provide Fenergo with a strategic objective to offer client lifecycle management (CLM) solutions which streamline compliance and evolve client journeys.

As part of the company’s growth in MENA, it is moving to Fintech Hive in Dubai, which is DIFC’s FinTech accelerator.

Fenergo will work with the Gulf Corporation Council regional banks and large financial institutions to offer API CLM solutions. Local financial institutions will be able to leverage Fenergo’s KYC and AML solutions, while also being proofed against upcoming regulations.

The RegTech 100 company provides financial institutions with CLM tools which can help them address global KYC and AML regulatory challenges. In addition to this, its community-based approach product development allows companies to implement tools to handle other regulatory challenges such as MiFID II, Dodd-Frank and GDPR.

Fenergo CEO Marc Murphy said, “Until recently MENA has lagged behind somewhat in terms of regulatory compliance. However, due to the onset of Foreign Account Tax Compliance Act (FATCA), the Dubai Financial Services Authority and other regulators are applying increased scrutiny to financial institutions.

“There is the expectation that firms will need to increase their investment in regtech applications in order to adhere to regulatory requirements and reduce financial crime. As we respond to market demand, Cormac’s in-depth knowledge and experience of MENA financial services along with our DIFC alliance will be invaluable.”

Earlier in the year, the company released new AML tools which let financial institutions get an aggregated view of hierarchy relationships, associations, and beneficial owners through interactive analytics and dashboards.

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