Irish regtech Fenergo has inked two separate deals with Dutch entrepreneurial development bank FMO and SMBC Group in Japan for client lifecycle management (CLM) and know your customer (KYC) solutions.
The CLM solution and Fenergo Document Agent will enable FMO to “reallocate resources to higher-value work, enhance the client experience and provide data-driven insights”, according a partnership announcement on Fenergo’s first development banking client.
In doing so, Fenergo adds that FMO will gain a greater overview of its “multifaceted portfolio in emerging markets” which is estimated to be valued at around €13.5 billion across 85 countries and focuses on sustainable projects in the private sector.
Meanwhile, the SMBC partnership will focus on the Tokyo-headquartered financial group’s regional subsidiary, SMBC Americas, which currently maintains a presence in seven countries across North, Central and South America.
Fenergo’s solutions will automate SMBC Americas’ workflows by leveraging reusable, internally verified KYC data, allowing for streamlined compliance processes and enhanced operational efficiency.
For SMBC Americas COO, Greg Keeley, the partnership with Fenergo is “uplifting our core capabilities, simplifying the technology infrastructure and removing manual processes from our workflow” as part of a broader multi-year transformation strategy.
