SEI has welcomed three new participants to Codify, the company’s new Regulation Technology (RegTech) incubator. Codify is the first London-based incubator designed solely for financial regulation technology developers.
The incubator provides participants with crucial business resources and development opportunities, including office space in SEI’s UK headquarters for a minimum of four months, providing access to SEI’s extensive in-house resources and exposing them to a number of financial services sectors.
Mentoring from both SEI employees and third-party experts across various disciplines is also part of the package. External mentors include Jason Boud of the RegTech Forum, executives from leading RegTech start-ups, and solicitors from a city law firm. Applicants also get access to an extensive network of company partners and customers and the opportunity to formally pitch their technology solution(s) to SEI’s global business leaders for potential investment and/or equity opportunities.
The three new firms that have been selected to participate in Codify are, firstly, Coinfirm, a blockchain technology company focused on compliance as a service. The start-up’s platform provides actionable data to bring transparency and security to blockchain transactions, while addressing AML/CTF/Sanctions and counterparty risk management problems.
Secondly, Enforcd uses global regulatory enforcement data, news, and insights to help firms accurately identify, reduce, and predict risk, leading to improvements in efficiency, conduct, culture, and client outcomes, as well as a reduction of costs and finally, Neuroprofiler is a MiFID II-compliant customer risk profiler for financial advisors that uses the sophisticated technology in behavioural finance to help investors determine their psychological investment profile. It aims to help suitability requirements as well as add value to the customer experience.
Commenting on the launch of the incubator, Ahsan Mallick, General Counsel at SEI UK and executive sponsor of Codify says: “As domestic and international regulation become more complex for all types of institutions, the relevance of this field of work will continue to grow. Leveraging SEI’s heritage in developing technological innovation for the investment industry, we created Codify to support promising early-stage businesses that are developing tech solutions to address the world’s growing and demanding regulatory requirements.”
SEI piloted its incubator programme last year when it announced its support of Suade Labs, a regulatory technology firm. Suade Labs will continue to serve as a mentor to Codify participants.
Diana Paredes, CEO of Suade, says: “We are really impressed by SEI’s determination to help foster innovation in this crucial segment of the UK economy. As a mentor to the programme, I look forward to working in collaboration with the selected entrepreneurs and developers, helping them reach their potential and fostering their creativity. This experience is valuable, and I am thrilled to work with SEI in contributing to the advancement of the UK’s burgeoning RegTech industry.”
