FINTECH business MYCDD has been formally launched in Jersey with an objective to revolutionise how international financial services and other firms manage their client due-diligence requirements.
The business, which opened an office in St Helier last month, has been launched to meet rising demand for cutting-edge digital due-diligence solutions among fiduciary services firms, law firms, and service providers as well as estate agents and recruitment companies in the Channel Islands and other leading international finance centres.
Through the secure cloud-based platform it has developed, MYCDD enables firms to automatically transfer, store, manage and update a broad range of client due diligence documents through a single online central portal.
The platform is backed up by a Microsoft infrastructure and has been designed to be simple and intuitive, including providing access through a dedicated web application.
MYCDD currently has a ten-strong team based in Jersey and other jurisdictions spanning business and client support through to compliance experts and technical developers and has plans to grow that team further over the coming years.
Commenting on the launch, company founder and chief executive Stephane Gimenez, who has more than 20 years’ experience in international financial services, said: ‘In the face of ever greater regulatory requirements, particularly for those firms operating in the international financial services space, the need for robust, fast and seamless due diligence solutions is rising rapidly.
The reality for many organisations is that current due-diligence processes are still unproductive and the launch of MYCDD is a direct response to that.
Our aim is to both simplify and revolutionise how firms gather client due diligence from related parties automatically and securely.
‘Developing and launching a fintech over the past 12 months has been a challenge given the unprecedented environment but we quickly adapted, and are committed to driving forward excellence in this area by enabling firms to meet their obligations cost-effectively, quickly and easily. By providing compliance departments with this technology-driven solution, we believe we can play a really positive role in enhancing their productivity and ultimately supporting their growth strategies.’