MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: muinmos ApS
Name/Title: Remonda Zahdeh Kirketerp-Møller, CEO
Industry Segment(s): Banks, financial firms, hedge/pension/mutual funds, asset/fund managers, introducing brokers
Target Market(s): Global
LTP: Please tell us about yourself.
Remonda Zahdeh Kirketerp-Møller: I specialize in European regulatory matters and with deep knowledge and understanding of regulatory matters across many parts of the world, I advise investments firms and banks on the provision of financial services and on structuring their business.
I joined Saxo Bank in 2003 and played a key role in developing the legal and compliance department to support Saxo Bank's global strategy, and as a Director of the Legal Department, I also founded the Market Data Department specializing in big data analysis and process automation.
In 2008, I co-founded CFH Group Companies, including CFH Clearing, which has become a market leader in its global offering and was recently sold to Playtech.
I have an unprecedented passion and desire to constantly find automated solutions to resolve highly complex legal and regulatory problems in financial services, which led me to found muinmos in order to eliminate the regulatory burden, which hinders thousands of financial institutions across the globe from entering new markets and offering financial products. I am a recognized speaker on RegTech and regulatory matters. I am passionate about creating new business ideas which have a global impact. I am a qualified solicitor authorized and regulated by the Solicitors Regulation Authority of England and Wales, and a member of the Danish Bar and Law Society.
LTP: Give us a paragraph pitch for your company.
RZKM: muinmos has developed PASS, a software which instantly and globally validates whether a financial institution can onboard a client to trade with it in a particular service/product. This cuts down the onboarding time from weeks to seconds at a fraction of the cost. PASS also automatically notifies the financial institution of any regulatory changes 24/7, thus ensuring continuous compliance, which is another key concern for financial institutions today. PASS is a unique product and is currently the only one in the world.
LTP: In a sentence or two, what problems are you solving today?
RZKM: Financial institutions rely on internal legal, compliance departments and/or external legal counsel especially when conducting cross-border business in order to assess if they can onboard a new client or keep an existing one based on local regulation. This is a very expensive and time-consuming process. PASS can instantly determine if the client can be kept or on-boarded and at a fraction of the cost.
LTP: Who are you selling to?
RZKM: The target market is every single financial institution (including banks, financial firms, hedge funds, pension funds, mutual funds, asset/fund managers, introducing brokers). They must all ensure that they meet the regulatory requirements when they onboard clients, and maintain this throughout the client’s life cycle. Therefore, PASS is a software offered to every type of financial institution globally.
LTP: How does muinmos ApS differentiate from competitors?
RZKM: PASS software is unique and there are currently no competitors. Today, in-house legal and compliance teams and external legal counsel are handling the parts PASS covers. Thomson Reuters, Bloomberg, and others have been working at developing many compliance solutions for the financial sector but do not offer what PASS offers.
LTP: What is your next milestone?
RZKM: Conquer the world and establish key partnerships that complement our product suite, as well as continue to deploy PASS in brokers and banks around the world, so they can benefit from what is a game changer in the industry, thus allowing them to focus on their core business.
LTP: Thank you, Remonda!