RegTech firm VoxSmart enables trading on WhatsApp
Written by Hannah McGrath
VoxSmart,a RegTech firm specialising in mobile communication risk management is enabling staff at Singaporean energy and commodity firms to trade on WeChat and WhatsApp.
The UK-based company, founded in 2006, launched the cloud-based mobile communications surveillance service built on their proprietary VSmart technology in Singapore two years ago.
It was initially intended as a compliance tool targeted at helping banks and financial institutions ensure communications on their corporate issued mobile devices were in line with regulations.
Messages are instantly captured and stored in VoxSmart’s cloud platform, based on Amazon Web Services. Clients then have access to a cloud based surveillance portal to view and download calls on demand to ensure compliance.
However, VoxSmart says the boom in popularity of social media messaging apps to communicate with customers prompted them to develop the platform that enables capital markets traders and brokers to communicate with clients and execute trades away from their desks.
The company claims that 95 per cent of their clients’ trade discussions are now transacted on WhatsApp.
In 2016 the Monetary Authority of Singapore, issued new guidelines for cloud computing along with recommendation for compliance advantages companies could derive from adopting Cloud Service providers.
Clients to have adopted the technology include ENGIE Global Markets, energy trading services, PVM Oil, BGC, the US electronic brokerage service.
Chetan Jivan from ENGIE Global Markets, said: “VoxSmart’s solution enhances our flexibility for our demanding users, and satisfies our compliance needs. In energy markets, we need to remain flexible to ensure we don’t restrict our teams and it provides the scale to meet our compliance needs that can change so quickly”.