Last December, ume won the RegTech Innovation of the Year award during the 10th edition of the Luxembourg Finance Innovation Summit. We met with its CEO, Laurent Denayer, to discuss the impact of data in the financial sector and challenges of launching a RegTech startup.

Can you us more about the creation of ume? To which "problem" does it answer?

Basically, each management company needs to make an oversight of their fund distributors and approach them by asking the same information but in different format, making this process very inefficient for both management companies and fund distributors. ume is a web platform that standardizes and mutualizes the due diligence information on fund distributors.

 

How important has data become for companies working in the financial sector?

Exploitation and monetization of data in the financial sector still need to be proven. But collection of data in an efficient and coherent way represent for many actors a challenge.

 

Being a young startup, how did you manage to convince your first clients? What are your best practices when it comes to pitching your innovation?

First you need to identify early adopter clients that are not afraid of innovation. Then you need to demonstrate that the benefits exceed the risks of choosing our innovation. Finally, you need to deliver as promised.

 

What are the next steps in the development of ume?

We are often asked by our clients to develop additional products. But our priority remains to focus on the delivery of the best product for due diligence of fund distributors. We want to be perceived as the best solution in the industry and expand our footprint. From ume to ume-corn!


Publié le 08 janvier 2019