Ireland-based Fenergo, a leading provider of regulatory onboarding and client lifecycle management software solutions for wholesale and private banks, recently opened its new office in Abu Dhabi, UAE.

The event hosted by the Ambassador of Ireland to the United Arab Emirates.

“Ireland is renowned for producing world-class software and technology solutions and, in particular, the financial technology (fintech) industry has strong roots in Ireland,” said Ambassador Patrick Henness.

“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), a statement said.

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,” he added. – TradeArabia News Service