Fenergo Addresses Demand for RegTech in Middle East with Appointment of Cormac Sheedy Joins DIFC’s fintech acceleratorCommunity News01 May 2019
Dublin, Dubai - 01 May 2019 – Fenergo, the leading provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, has appointed financial services industry veteran, Cormac Sheedy as Head of Sales for Middle East and North Africa (MENA). Cormac will join Sean Moore, Head of MENA and Fenergo’s existing team in Dubai and brings 25 years’ experience to the role. Cormac will deliver on Fenergo’s strategic objective to provide innovative CLM solutions that streamline compliance processes and digitally transform client journeys.
In line with Fenergo’s ongoing Middle Eastern expansion the company is now fully licensed by the Dubai International Financial Centre (DIFC); an innovative financial hub for businesses in the Middle East, Africa and South Asia (MEASA).Fenergo will relocate to DIFC’s fintech accelerator, the Fintech Hive.
Fenergo will work closely with Gulf Cooperation Council (GCC) regional banks and large financial institutions to deliver out-of-the box API-first CLM solutions. With increasing scrutiny on regulatory compliance in the region, financial institutions will benefit from Fenergo’s deep expertise in Know Your Customer (KYC) and Anti Money Laundering (AML) and market-leading rules engine. Coupled with Fenergo’s community-based approach to product development, customers will become future proofed against upcoming regulation while optimising customer experiences.
Marc Murphy, CEO, Fenergo, said: “Until recently MENA has lagged behind somewhat in terms of regulatory compliance. However, due to the onset of Foreign Account Tax Compliance Act (FATCA), the Dubai Financial Services Authority and other regulators are applying increased scrutiny to financial institutions. There is the expectation that firms will need to increase their investment in RegTech applications in order to adhere to regulatory requirements and reduce financial crime. As we respond to market demand, Cormac’s in-depth knowledge and experience of MENA financial services along with our DIFC alliance will be invaluable.”
Cormac Sheedy, Head of Sales, MENA, Fenergo said, “Many of the world’s largest and the region’s most established financial institutions now have a presence in the DIFC, and it’s imperative to ensure they’re adhering to international regulatory standards. The growing focus on regulation and compliance in the region has created an unprecedented demand for fintech and regulation technology, which provides enormous opportunities for growth. I’m very excited to be joining Fenergo, a recognised world leader in the RegTech space, and am looking forward to helping grow the company’s presence across the Middle East and North Africa.”
Prior to joining Fenergo, Cormac Sheedy held senior positions with Invesco Asset Management, Fidelity and Royal Bank of Canada, and most recently at Jersey Finance.