ClauseMatch helps facilitate Revolut’s Singapore launch

ClauseMatch, the regulatory technology company that helps financial institutions automate governance, risk and compliance processes across jurisdictions, has announced details of how its partnership with Revolut helped facilitate the fintech’s Singapore roll-out.

Revolut, global fintech and one of Europe’s fastest-growing private tech companies, described how its use of ClauseMatch’s compliance technology aided its expansion in Singapore at an exclusive joint event at Revolut’s Singapore office.

As part of its global expansion plans, Revolut engaged Clausematch in 2019 to develop a capability to map applicable rules to the fintech’s global compliance and control documents. A new artificial intelligence (AI)-based functionality was suggested by Revolut and designed by ClauseMatch that allowed users to make connections between associated paragraphs in regulations, policies and controls.  

The application of advanced AI algorithms to automatically highlight relevant content in the large corpus of regulatory texts helps to ensure centralised storage and collaboration, minimizing the difficulties normally associated with policy management. Revolut is now able to demonstrate the current state of compliance to regulators with just one click. 

Andrey Dokuchaev, co-founder and COO of ClauseMatch, said: “A company establishing itself in a new market will face strong legal and compliance scrutiny. This is particularly true of Singapore; the city-state is a highly regulated market. ClauseMatch’s solution helped Revolut to expand quickly in APAC.”

Rayson Tan, CCO of Revolut Singapore, said, “We take a rigorous approach to compliance. ClauseMatch has been a valuable partner in our expansion journey into Singapore and its real-time documentation collaboration capability helped us improve our internal policy management process.”

 The data connection feature has become the most popular feature on the ClauseMatch platform for managing and documenting regulatory change. 

Chia Hock Lai, president of Singapore FinTech Association, added: “As a leading fintech hub with a vibrant ecosystem, Singapore provides a conducive environment for meaningful partnerships to blossom. It is heartening to see that industry players like Revolut and ClauseMatch are collaborating here to solve real-world compliance challenges at scale.”

Another functionality that was developed by ClauseMatch specifically for Revolut in Singapore is the Policy Portal. All internal documents and policies are stored centrally on a single platform, making it easier for staff to search for and locate policies that are applicable to them. The portal also has a clear audit trail, showing all user actions and interactions, for ease of reporting and compliance.