Apiax, a Swiss regtech, hopes to exploit the difficulties in which the U.K. finds itself in trying to negotiate a way of the European Union. It therefore has opened a branch in London.
Brexit has thrown the U.K. in political turmoil with a solution yet to be found. The country’s powerful business lobby is desperate for the government to finally come up with a negotiated settlement to avoid crashing out of the bloc without an agreement.
Apiax, a Zurich-based regtech, has seen an opportunity arising from the chaos and opened offices in London, the company said in a statement on Tuesday.
Meeting the Challenges
The uncertainties surrounding Brexit are increasing the need for efficient compliance solutions,» the company said the statement. «Apiax is well equipped to meet these challenges, however, as its solution enables financial institutions to map existing regulatory requirements and quickly adjust changing licensing regimes for different legal entities.»
Apiax hired Alan Blanchard to head a team of experts in London. He joined in March, having so far worked for the Financial Conduct Authority (FCA). There, he was responsible for digitizing the FCA’s handbook to facilitate regtech.
Digital Regtech
At Apiax, he will be able to use his experience gathered at FCA. The company integrates digital rules into processes and applications and thus helps companies comply with regulation.
In May, Apiax will join the third cohort of Allen & Overy’s fuse accelerator to kickstart its business activities in the U.K., it said. The program helps startups that bring together fintechs, lawyers and clients.
Prominent Backing
Apiax in Switzerland has prominent backing, with ex-UBS Chairman Peter Kurer acting as an investor and advisor to the firm. Zuercher Kantonalbank also has a stake in Apiax.
