Fidelity Investments jumps into ‘regulatory technology’ space

abdelaziz Fathi

Fidelity Investments, which claims to have 25 million retail accounts, has launched its RegTech business to offer support to financial institutions looking for tech-driven ways to deal with the huge surge in compliance demands.

regtech

Called ‘Saifr,’ the regulatory technology firm offers two solutions, SaifrReviewTM and SaifrScanTM. The combined offering enables greater collaboration between marketing and compliance teams to create faster compliant communications, while dealing with a host of regulatory overhauls.

With compliance demands growing and increasing in complexity every day, Saifr’s products offer a human-machine dynamic that enables computers to do the monotonous tasks of compliance review.

The statement further notes that smaller businesses may also find compliance or supervision of their own RegTech strategies more challenging due to their limited resource.

Following a successful trial period, SaifrReviewTM now helps customers automate their workflow across the thousands of documents used by compliance, legal, finance, operations and risk departments. As Saifr’s primary platform, it helps with content creation, including written materials, social media, audio, and video assets.

The second solution, SaifrScanTM, is an API-as-a-Service tool that analyzes and scores a firm’s communications and flags possible regulatory and corporate compliance violations in a detailed report.

Financial services struggle to stay compliant

“Ensuring that marketing materials are compliant with various regulatory rules requires multiple touchpoints inside and outside an organization, including content creation, compliance feedback, revisions, e-mail, and workflow hand-offs. As a result, the process can be inefficient and create the opportunity for friction and risk,” said Vall Herard, Managing Director of Saifr, Fidelity Labs.

“Saifr harnesses the massive amount of compliance data at its disposal and the power of deep learning models to augment the work of content creators and compliance professionals,” said Mona Vernon, Head of Fidelity Labs. “Saifr’s solutions streamline the compliance review process all in one platform to support efficient collaboration between marketing, legal, compliance and external consultants.”

While the financial services space is still largely addressing compliance in a manual way, employing thousands of people, FinTechs are making their way forward.

Fidelity believes that while the sector struggles to keep up and stay compliant, its solutions will provide a comprehensive audit trail and ensure compliance with the ever-shifting regulatory landscape.

The new RegTech solutions help address a number of different regulatory challenges amidst increasing demand for automated workflows. Saifr leverages Fidelity’s expertise to make compliance easier to manage through collaboration in a highly regulated industry.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<