RedCompass spreads its wings to Asia

RedCompass Consulting & Services and RedCompass Labs, the payments, financial crime and data analytics specialists originating from London, today announced their plans to open two new offices in Asia by the end of 2020. Their new bases in Tokyo and Singapore will provide Asian clients with access to their unique brand of consultancy services and world-class technology, derived from over 18 years of deep payments experience in Europe.

Partner Tom Hewson says, “Our team in Europe is known for delivering services based on a foundation of incredible payment expertise and the NextGen data analytics and machine learning-based tools developed by our RedCompass Labs. For many years we have been helping our clients to prepare for tomorrow by shaping their strategic payment programmes and working in partnership to deliver them. With the global payment ecosystem migrating to ISO 20022 by 2025, our experience rolling out and supporting the ISO-based SEPA (Single Euro Payments Area) since 2008 is now accessible to financial institutions across Asia.”

In September, Partner Kiyohisa Umemura, a veteran of Japanese megabank MUFG, relocated from London to Tokyo to lead the establishment of their Tokyo office. “We have a long and fruitful history working with Japanese megabanks,” said Mr Umemura. “Our focus on quality and a relentless pursuit of excellence derives directly from this experience. RedCompass already has a diverse global team that includes Japanese-speaking staff in our London Head Quarters, so we expect a smooth transition into Japan. From this base, we will support clients, partners and RedCompass consultants across Asia and the globe with RedCompass expertise and quality.”

RedCompass are no strangers to expanding into new territories. In 2018, RedCompass opened an office in Warsaw, Poland, to grow their RedCompass Labs offering. Their growth there has been phenomenal – in just 18 months, they have moved offices three times to accommodate their growing team. Earlier this year, they added resources to cope with HR and Marketing demands. More recently, two business development resources joined the team to focus on supporting and building business in Central & Eastern Europe and the Nordics.

Andrew Ingle-Finch, Director of Finance and Corporate Development, spearheaded the expansion to Poland, “With our operation in Poland thriving, it’s time to step into new markets to build on the domain knowledge and expertise model we’ve successfully built and proved in London and Warsaw.”

Leading the establishment of RedCompass in Singapore is Michael Truter, Director of Digital Ecosystems & Innovation. “Payments are global and 24×7, so Europe is no longer enough,” he commented. “I spent a little over three years based in Singapore and had the opportunity to work across the region. From this experience, I recognised that Asia is leading the world in financial services innovation – this is where we need to be to shape the future of payments.”

From their Singapore base, RedCompass will support the wider Asia-Pacific region through their advanced data analytics and machine learning technology as well as with their long-standing expertise in payments change, including ISO 20022. To this end, they have also been developing partnerships with several established technology players in the market.

Mr Truter added, “Due to the size and scale of the region, strong partnerships are essential. Thankfully my team has a lot to offer. Not only do we bring incredible global payments expertise and thought leadership experience, but also unique offerings such as our award-winning AML RedFlag Accelerator and our data analytics-led testing tool and methodology.”

Jonathan Bell, the Partner responsible for Business Development said, “We look forward to working with the Asian operations of our existing clients, as well as developing new client relationships in the months and years to come. Our unique payment and financial crime offerings bring something novel to the region, and fit well with the culture of responsible innovation I observed when I visited the Singapore FinTech Festival in 2019.”