Primacy Technology

Primacy was founded with the initial vision of creating an accessible and affordable technology solution that helps start-ups and SMEs comply with the regulatory requirements needed to gain their license under the Singaporean Payment Services Act 2019 and the Variable Capital Company Act 2020. This vision has evolved so that today Primacy helps businesses navigate heavily regulated environments by closing the gap between regulation and business operations, by offering digital compliance solutions that drive efficiency gains by automating manual processes, reducing costs, and improving compliance effectiveness.

The Challenge

Through its own research, the Investment Association identified the following problem statements amongst its members:

 

  • How to consolidate the requirements and obligations of regulatory change and automate outputs
  • How to map the numerous ESG standards and reporting of major and alternative industry data provider
  • How to integrate organizational departments and workstreams to provide a single repository of analysed ESG data enabling reduced duplication and more informed investment decisions of cross company teams

These are just a few challenges faced across the whole asset management and capital markets industry, globally. We should expect the regulations, especially in ESG will increase and so the burden and obligation of all companies.

The Solution

UK’s Financial Conduct Authority (FCA) says firms equipped with digital versions of regulations that eliminate interpreting and implementing reporting instructions would see big savings in compliance costs. Furthermore, the FCA stated, “RegTech is expected to provide a minimum of 30 – 40% efficiency gains.”

Primacy offers solutions that automate and improve the quality of compliance. We have invented a way to turn legislation into data and connect it to your business obligations.  Our RegTech solution is the pathway to drive up efficiency allowing more time to focus on value-add activities.

The Importance

RegTech offers incredible potential to reduce operating costs by automating manual processes, and benefits go far beyond cost reduction to offer substantial improvements in effectiveness and quality. Further, by automating routine tasks, it can also free sought-after risk professionals to work on higher-value activities.  

 

Issues like data privacy, anti-money laundering (AML), combating the financing of terrorism (CFT), and know-your-customer (KYC) have been the subject of significant focus from regulators and create a significant compliance burden on companies operating in exposed industries. For small to medium sized enterprises (SMEs), the compliance burdens from regulation can be significant with the OECD research recognising that SMEs are typically less efficient than large firms in screening the regulatory environment and dealing with it. This is supported by Primacy’s own experiences with SME customers in financial services and cryptocurrency, labour hire and professional services Singapore, Australia, South Africa and the United Kingdom.   

Next steps

For more information on Primacy’s service offering, please contact us at [email protected] or visit our website at www.primacy.co

 

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