Dublin-based Fenergo, a Fintech company focused on supporting digital transformation initiatives, has announced the appointment of a new Asia Head of Sales who will be leading growth operations and executing on Fenergo’s innovative Cloud strategy in the APAC region.
Fenergo has hired Gary Brookes to serve as its Head of Sales, Asia, as the Fintech firm aims to boost its overall sales and revenue in Singapore, Tokyo and Hong Kong. There’s been a significant increase in the demand for automated Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance processes, Fenergo revealed..
Based at Fenergo’s Singapore offices, Brookes will be focused on growing and strengthening the Fintech company’s business partner ecosystem so that the firm can firmly establish its presence in APAC region capital markets while accelerating growth in commercial, business, retail and private banking.
Brookes possesses over 20 years of management and leadership experience. He has worked in the Asia Pacific and Japan for fast-growing tech firms. He previously served in sales leadership roles at Ansarada, Datasite, and eFront.
Fenergo’s management noted that APAC-based financial institutions were fined $5.2 billion last year, which is considerably more than anywhere else. The region is now under a lot of pressure to meet applicable regulatory guidelines while also being able to meet high customer expectations.
Paul Kavanagh, Chief Revenue Officer, Fenergo, stated:
“The increasingly active regulatory environment, combined with the impact of the pandemic, has prompted high demand for client lifecycle management solutions among financial institutions in Asia Pacific.”
Fenergo’s clients reportedly include ANZ, Commonwealth Bank, Credit Suisses, Macquarie, Standard Chartered, and NAB.
As reported in April 2020, Ireland-based Fenergo had joined forces with IBM (NYSE: IBM) to fight financial crime. The duo signed an original equipment manufacturing (OEM) agreement that will allow the companies to collaborate on solutions that can help clients address the multitude of financial risks they face.
A new study by Fenergo, provider of digital transformation, customer journey and client lifecycle management (CLM) software, has revealed that Malaysia ranked the highest for data privacy fines in the Asia-Pacific (APAC) region. Fines from Malaysian authorities totaled nearly $4 billion this past year.
Neighboring countries or territories such as Hong Kong (appr. $107 million) and Singapore (appr. $123 million) also issued heavy fines for abusive activities..
In the APAC region, the total of enforcement actions targeted at financial institutions and individuals stood at over $5.18 billion last year.