Fenergo Corners RegTech Market
Exciting times lie ahead for Fenergo. Already punching above its weight, the recent investment in the company will challenge it to redouble its efforts, writes its chief executive Marc Murphy.
QUOTES FROM THE SUNDAY BUSINESS POST – FINANCIAL SERVICES SUPPLEMENT – NOVEMBER 2015
- ‘…as Fenergo has proven, the ‘RegTech’ sector is a major opportunity for us to turn our recent regulatory experience into a position of global leadership, pioneering new technologies to solve complex regulatory problems. The work of the GR3C in UCC is one example of pioneering work in this field that could lead to large dividends in the future. (Marc Murphy, CEO).
- In identifying the GR3C as an exemplar, Minister Harris (wearing his international banking brief hat) commented ‘The Centre, officially opened by the Taoiseach 12 months ago, sets a strong precedent in terms of concept, activity and engagement across a broad spectrum of public and private stakeholders.’ (Interestingly, to this end, the Minister in particular noted our ongoing engagements with the CBI and Deutsche Boerse , the latter being directly linked to his visit to Frankfurt with the CBI earlier in the year).
- ‘When companies collect huge amounts of data, even the structuring and ordering of it, using so-called semantic technology, can be a business opportunity. State Street is engaged in a collaboration with UCC, and other specialists, around semantic technology.
It’s about how you better organise and arrange data, so effectively promoting common data standards and exchange protocols for data. We’re exploring the use of this technology for possible future use in our business.
It’s all about creating common data standards. You create ontologies, which is effectively defining concepts and defining the relationships between data that runs through your organisation.
All this heavy lifting has demonstrable outputs for the customer, too.’
(Brian McCabe, MD, Head of Innovation, EMEA & Offshore, Global Services, State Street).