EMTECH, a provider of next-generation financial technology solutions, has announced its plan to launch an innovative solution called “Beyond Compliance” in order to make regulatory compliance easier for financial technology (Fintech) companies.
During an online media roundtable on Thursday, the Chief Executive Officer (CEO), EMTECH Carmelle Cadet, disclosed that the innovation would also ensure a more resilient and inclusive financial ecosystem.
The launch of this innovative solution, she said, would make a significant impact in the financial industry.
Ms Cadet said the comprehensive solution, ‘Beyond Compliance’, is designed to empower financial service providers (FSPs) by offering a centralised platform that simplifies compliance and allows FSPs to dedicate resources to core business functions, going beyond traditional methods.
The new innovation boasts key features and benefits, such as a user-friendly framework setup, allowing users to choose regulators and frameworks based on their licensed category, as well as track and manage compliance obligations efficiently. This ensures that no requirements are overlooked.
EMTECH, with a goal to empower financial institutions through innovative solutions, has partnered with the Bank of Ghana specifically for the bank’s regulatory sandbox process.
This collaboration has provided valuable insights into the challenges faced by Fintechs during the licensing process. Beyond Compliance addresses these challenges faced by Fintechs.
The CEO said the solution simplifies the licensing process, eases ongoing compliance management, and enables Fintechs to navigate the ever-changing regulatory environment confidently.
“Traditionally, the licensing process for Fintechs has been manual and burdensome. Beyond Compliance automates many tasks, reduces paperwork, and ensures Fintechs meet all regulatory requirements before market entry,” she said.
The new innovation, she noted, provided comprehensive onboarding support and resources for a seamless implementation process, with a dedicated team to address user concerns.
The CEO also mentioned that Beyond Compliance aims to enhance compliance management across various regulated industries.
“While the current focus is on supporting FSPs, there are plans to expand the solution’s capabilities to cater to other sectors later this year,” she said.
BY MICHAEL D. ABAYATEYE