The strategic partnership will enable Pelican, experts in Artificial Intelligence (AI), Natural Language Processing (NLP) and Machine Learning technologies, to bring its PelicanSecure Trade Compliance solution to the financial services industry in South Korea. CMSoft, an established and well-respected supplier of compliance software including audit, FATCA and AML solutions and services in Seoul, will market, sell and help deploy and support the solution in the local market.

Commenting on the partnership agreement signed in Seoul, Parth Desai, CEO of Pelican said: “We are excited about the potential for our PelicanSecure Trade Compliance solution in South Korea and delighted to be forming this strategic partnership with CMSoft to help banks tackle the increasing burden of trade-based money laundering.”
Jong Hoon Lee, CEO of CMSoft stated: “We see a growing need from banks for technology that can automate and streamline their trade processing and compliance functions. Pelican stood out in comparison to other vendors globally given their focus and proven expertise in this area. We are very enthusiastic about the potential for PelicanSecure in South Korea and are already engaging with a number of local banks to discuss the benefits of the solution.”

Colin Camp, Senior Director, Business Development, APAC at Pelican added: “We are now working closely with CMSoft to help them provide the best services to local banks around our solution. We have been very impressed by the CMSoft team and look forward to building a long and successful partnership in the region.”

Pelican’s PelicanSecure Trade Compliance solution utilizes AI, Natural Language Processing, Machine Learning, OCR and imaging technology to digitize paper-based documents and automate the subsequent trade compliance workflow, including sanctions screening, DUG screening, document data consistency checks and red flag alerts, thereby reducing the reliance on manual effort, improving efficiencies and making trade operations and compliance more cost-efficient.