Fenergo, a provider of Regulatory Onboarding and Client Lifecycle Management software solutions for wholesale and private banks, celebrated the official opening of its new office in Abu Dhabi at a launch event hosted by the Ambassador of Ireland to the United Arab Emirates on May 4th.
Ambassador Patrick Hennessy, provided a warm welcome to the Fenergo team and guests from the major financial institutions in the region, saying, “I am pleased to officially launch Fenergo’s Middle East presence with its first office here in Abu Dhabi. Ireland is renowned for producing world-class software and technology solutions and, in particular, the financial technology (fintech) industry has strong roots in Ireland. Fenergo is a fine example of fintech at its best, helping financial institutions to comply with global regulations, manage increasing amounts of data and documentation and onboard clients quickly and efficiently”.
Fenergo designs, develops and delivers Client Lifecycle Management software solutions to investment, corporate and private banks across the world. Its solutions enable financial institutions to onboard institutional, complex or high net worth clients quickly and efficiently, in compliance with a wide range of global and local regulations – such as KYC, AML, tax compliance (FATCA, CRS), OTC derivatives rules (Dodd-Frank, EMIR, Canadian and APAC rules) and market reform regulations (e.g. MiFID II). Fenergo’s clients include HSBC, BBVA, ICBC Standard Bank, Scotiabank, Bank of Montreal, State Street and BNY Mellon to name a few.
Speaking at the event, Fenergo CEO, Marc Murphy, said, “I am very proud to be opening our first Middle East office in Abu Dhabi. Our expansion into the UAE and the wider Middle East market is very much a natural progression for our company. Every financial institution in the world is facing the same “perfect storm” made up of increasingly stringent regulations that dictate the need to collect and process even more data and documentation than ever before to support compliance-based decisions. This inevitably increases the time and cost involved with achieving compliance and onboarding clients, leading to a poorer client experience and increased time to revenue.
“At Fenergo, we design and develop all of our software in collaboration with our global family of clients through our client advisory boards and regulatory forums. Every client has a say in the direction of our product and regulatory roadmap, and together we present a unified approach to solving regulation across the world, delivering enhanced operational efficiencies and an improved client onboarding experience”.
Fenergo has grown on average 100% year on year for the past four years. In 2015, the company secured €85m in funding from Insight Venture Partners and Aquiline Capital Partners, which will be used to expand its global footprint, starting with MENA and Asia Pacific. The Abu Dhabi office opening follows two successful launches in Singapore and Japan in the last three months.