EMTECH Set to Equip FSPs, Fintechs with Regulatory Compliance Solution
EMTECH, provider of next-generation financial technology solutions is set to launch its Beyond Compliance Solution for Financial Service Providers (FSPs) and Fintechs, designed to help organisations manage regulatory compliance standards, understand regulatory requirements and comply with them.
Beyond Compliance Solution is a platform that is adaptable to different regulatory frameworks around the world, offering all-in-one regulatory requirements that simplify compliance needs.
Announcing the initiative at a virtual roundtable, the Chief Executive Officer (CEO) of EMTECH, Carmelle Cadet, said EMTECH would be celebrating its fifth year anniversary with the innovative solution.
“Today, we are thrilled to celebrate a significant milestone, ‘Beyond Compliance Solution’. Understanding the frustrations and complications associated with managing regulatory compliance, we designed this comprehensive solution to empower FSPs. The solution brings together new regulatory requirements like licence management, licence application, task management, among others. Beyond Compliance goes beyond traditional methods, offering a centralized platform that simplifies compliance and allows FSPs to dedicate resources to core business functions,” Cadet said.
According to her, the key features and benefits of the innovative solution include: effortless framework setup whereby users will be able to select their regulators and relevant frameworks based on their licensed category, track and manage all compliance obligations in a structured format, ensuring no requirement goes overlooked.
Others include collaborative task management to ensure timely completion of compliance activities, real-time compliance dashboard, modular design to adapt to different regulatory frameworks across various jurisdictions and API integration to seamlessly integrate with central bank APIs for effortless regulatory reporting.
EMTECH, whose mission is to empower financial institutions through innovative solutions, highlighted the company’s successful collaboration with the Bank of Ghana, specifically their involvement in the bank’s regulatory sandbox process. This collaboration provided valuable insights into the challenges faced by Fintechs, particularly during the licensing process. ‘Beyond Compliance’ addresses the challenges faced by Fintechs,” the CEO said.
She also emphasised that the solution streamlines the licensing process, simplifies ongoing compliance management, and empowers Fintechs to navigate the dynamic regulatory landscape with confidence. “Traditionally, the licensing process for Fintechs has been a manual and cumbersome affair. Beyond Compliance automates many of these tasks, reduces the burden of paperwork, and ensures Fintechs meet all regulatory requirements before entering the market.”
She said EMTECH would offer flexible pricing plans to suit the needs of organizations of all sizes, from small startups to large financial institutions. The company also provides a range of trials and demos, allowing potential customers to experience the transformative power of Beyond Compliance firsthand. She added that the new innovation also offers comprehensive on-boarding support and ongoing resources to ensure a smooth implementation process, with a dedicated team to address any user concerns.
Cadet explained that the Solution was developed with Artificial Intelligence (AI) capabilities in order to address the changes in the new regulatory requirements in the digital era, adding that the solution is a cloud-based solution that addresses data protection and encryption.
Other speakers that spoke at the virtual roundtable said the Beyond Compliance Solution would help organisations simplify their compliance processes and needs. According to them, the solution comes with targeted training from a dedicated support team that will help organisations support their on-boarding experience that extends beyond new product delivery.
Fielding questions from journalists, the speakers said aside FSPs, the solution was also designed to provide support for Fintechs and payment service providers, with plans to focus on the capital market and other sectors in the coming years.
According to them, EMTECH is in the final stage of making the solution ready and it will be launched in a couple of weeks.
