SEI has announced five participants have joined Codify, its London-based RegTech incubator, including one RegTech 100 company.
The new companies have been selected based on their ambition to tackle technology solutions that address various compliance challenges’ in the financial services industry according to the firm.
SEI has selected Analytic Risk Technology (ART), Kormoon, Rise Financial Technologies, Cognitiv+ and RegTech 100 company Covi Analytics.
Analytic Risk Technology (ART) builds stress-testing technology for banks, intermediaries and regulators. Its product, Cubitt, analyses and controls the results of thousands of pieces of data for complex capital requirements. The company was founded by was founded by Tim Murnaghan, who was previously responsible for the stress test tools and stress testing data collection effort at the Bank of England.
With GDPR just months away from implementation, Kormoon develops software designed to help firms’ manage the complexities of rules governing data privacy and protection by automating the decision-making process. The company harnesses artificial intelligence to provide more effective legal advice.
RISE Financial Technologies offers distributed-ledger technology-based solutions to optimise the post-trading activity of traditional asset classes. The RISE solution allows its clients to issue, settle, and record-keep assets, both traditional instruments and emerging crypto assets. It claims its custody and servicing solutions enable crypto-assets compliance and are compatible with existing investment processes.
Cognitiv+ specialises in automated technology, utilizing deep learning and natural language for the analysis and management of contractual obligations. Its artificial intelligence platform aims to enable businesses and law firms to have better insights from their legal data.
The final company chosen for Codify is RegTech 100 company Covi Analytics. The company uses artificial intelligence to help banks, insurers and intermediaries simplify their assessments of complex regulations. Last year, Covi was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Ahsan Mallick, general counsel at SEI U.K. and executive sponsor of Codify, said: “Over the past year, we have seen a growing number of start-ups experimenting with technology to help manage regulations. We have enjoyed being a part of this, collectively testing ways to modernize compliance methods and standards. We look forward to serving as mentors to these young businesses, fostering their growth, and learning new ways to integrate next-generation technology into our industry.”
Launched last year, Codify provides participants business resources and development opportunities, including office space, mentors, access to a network of partners and customers, and the chance to formally pitch their technology solution(s) for potential investment and/or equity opportunities consideration.
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