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| {{Infobox company | | {{Short description|Financial services technology company}} |
| | name = Suade Labs | |
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| | type = Private
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| | industry = Regulatory Technology
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| | founded = {{Start date and age|2014|08}} in London, England
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| | founders = Diana Paredes, Murat Abur
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| | hq_location_city = London, England
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| | website = {{URL|https://suade.org/}}
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| '''Suade Labs''' is a London-based RegTech firm. The company provides financial institutions with a software platform of Regulation-as-a-Service (RaaS)<ref>{{Cite web|date=2020-12-08|title=Regtech|url=http://suade.org/regtech/|access-date=2021-09-08|website=Suade Labs|language=en}}</ref> solutions that process large volumes of granular data and produce regulatory data, calculations, risk data and risk reports<ref>{{Cite web|title=Diana Paredes: RegTech overcomes resistance|url=https://smithandwilliamson.com/en/insights/regtech-overcomes-resistance-enterprise-issue-23/|access-date=2021-09-08|website=Smith & Williamson|language=en}}</ref> to ensure continuous compliance with prudential regulations<ref>{{Cite web|date=October 2015|title=REGTECH: Exploring Solutions for Regulatory Challenges|url=https://www.iif.com/Portals/0/Files/content/Innovation/10_01_2015_regtech_exploring_solutions.pdf|url-status=live|access-date=7 September 2021|website=IIF}}</ref>. It is one of the first start-ups to be classified as a [[Finance:Regulatory technology|regulatory technology]] (RegTech) company<ref>{{Cite web|title=Driving the RegTech Revolution {{!}} Avantage Reply|url=https://www.reply.com/avantage-reply/en/newsroom/events/driving-the-regtech-revolution-event|access-date=2021-09-08|website=www.reply.com|language=en}}</ref>.
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| == History ==
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| Suade Labs was founded in 2014<ref>{{Cite web|title=Suade - Crunchbase Company Profile & Funding|url=https://www.crunchbase.com/organization/suade-2|access-date=2021-09-08|website=Crunchbase|language=en}}</ref> by two former bankers, Diana Paredes and Murat Abur, to make it easier, less costly and more efficient to maintain compliance with the set of regulatory reforms that have emerged in financial markets since the [[Finance:Financial crisis of 2007–2008|financial crisis of 2007-2008]]<ref>{{Cite web|date=2017-11-07|title=Best Fintech|url=https://www.creditdonkey.com/fintech.html|access-date=2021-09-08|website=CreditDonkey|language=en}}</ref>. Financial institutions have incurred costs reaching into the billions when implementing regulatory reforms since the financial crisis<ref>{{Cite web|date=October 2015|title=REGTECH: Exploring Solutions for Regulatory Challenges|url=https://www.iif.com/Portals/0/Files/content/Innovation/10_01_2015_regtech_exploring_solutions.pdf|url-status=live|access-date=7 September 2021|website=IIF}}</ref>.
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| At the time of the financial crisis, Diana Paredes, Suade Labs’ Chief Executive Officer, worked on the trading floor at [[Company:Merrill Lynch & Co.|Merril Lynch]]. Diana Paredes explains that her experiences had a profound effect on her<ref>{{Cite news|last=Nast|first=Condé|title=What is regtech? The latest wave of startups hitting the fintech industry|language=en-GB|work=Wired UK|url=https://www.wired.co.uk/article/regtech-next-fintech|access-date=2021-09-08|issn=1357-0978}}</ref>. Murat Abur, Suade’s Chief Technology Officer, also had a career in banking with roles at [[Company:Nomura Holdings|Nomura]] and elsewhere before co-founding Suade<ref>{{Cite web|last=Arnold|first=Martin|date=2016-10-14|title=Market grows for 'regtech', or AI for regulation|url=https://www.ft.com/content/fd80ac50-7383-11e6-bf48-b372cdb1043a|access-date=2021-09-08|website=www.ft.com|language=en-GB}}</ref>. Their combined experiences inspired Paredes and Abur to develop technology for regulators and the financial services industry to prevent the next financial crisis<ref>{{Cite web|title=RegTech for regulators, a toolbox helping to prevent the next financial crisis|url=https://fintechcircle.com/insights/regtech-regulators-toolbox-learning-prevent-next-financial-crisis/|access-date=2021-09-08|website=Fintech Circle|language=en-US}}</ref>.
| | '''Suade Labs''' is a [[Finance:Regulatory technology|regulatory technology]] company headquartered in London that provides regulatory reporting software to banks. Suade is a member of the World Economic Forum’s Global Innovators community<ref>{{cite web |title=Suade Labs |url=https://www.weforum.org/people/diana-paredes/ |website=WEF |access-date=24 June 2024}}</ref> and Global Future Council<ref>{{cite web |title=Suade |url=https://www.weforum.org/organizations/suade-labs/ |website=World Economic Forum |access-date=24 June 2024}}</ref>, and collaborates with the WEF on research into regulatory technology.<ref>{{cite web |title=Suade Labs and the World Economic Forum |url=https://suade.org/world-economic-forum/ |website=Suade Labs |date=January 2022 |access-date=24 June 2024}}</ref> |
| | As of 2024, Suade employs approximately 100 people and has offices in London, New York and Singapore. |
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| In 2020, Suade closed its Series A Financing Round. The investors included Glenn Hutchins<ref>{{Cite web|title=Investment in Suade Labs by North Island Family Office|url=https://www.bdo.co.uk/en-gb/deals/deal/investment-in-suade-labs-by-north-island-family-office|access-date=2021-09-09|website=www.bdo.co.uk|language=en}}</ref>.
| | == Services == |
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| In 2020, William (Bill) Coen joined Suade as its Chief Regulatory Adviser<ref>{{Cite web|title=Bill Coen|url=https://www.asifma.org/speakers/bill-coen-2/|access-date=2021-09-08|website=ASIFMA|language=en-US}}</ref> following his departure from the [[Organization:Basel Committee on Banking Supervision|Basel Committee on Banking Supervision]] where he worked as Deputy Secretary General from 2007 until 2014 and as Secretary General from 2014 until 2019<ref>{{Cite web|title=IFRS - Bill Coen|url=https://www.ifrs.org/groups/ifrs-advisory-council/profiles/bill-coen/|access-date=2021-09-08|website=www.ifrs.org}}</ref> overseeing the development and implementation of the [[Finance:Basel III|Basel III]] reforms<ref>{{Cite journal|date=2014-04-23|title=William Coen appointed as the next Secretary General of the Basel Committee|url=https://www.bis.org/press/p140423.htm|language=en}}</ref>.
| | Suade assists banks and financial institutions to submit regulatory returns to regulators including the European Banking Authority, the Bank of England, and the US [[Finance:Federal Reserve|Federal Reserve]]. |
| == Operations ==
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| Suade Labs supplies its RaaS software platform to a wide variety of financial institutions including building societies<ref>{{Cite web|date=2021-07-09|title=Regtech Suade Labs Adds Mansfield Building Society to its Client Portfolio, Company to Use Suade's Reporting Tools|url=https://www.crowdfundinsider.com/2021/07/177659-regtech-suade-labs-adds-mansfield-building-society-to-its-client-portfolio-company-to-use-suades-reporting-tools/|access-date=2021-09-08|website=Crowdfund Insider|language=en-US}}</ref>, regional and national banks<ref>{{Cite web|title=Innovation through regulatory technology|url=https://www.icaew.com/technical/financial-services/financial-services-faculty/fs-focus-magazine/previous-editions-of-fs-focus/fs-focus-2019-issues/november-2019/innovation-through-regulatory-technology|access-date=2021-09-08|website=www.icaew.com|language=en}}</ref> and global systemically important banks<ref>{{Cite web|date=2018-01-01|title=Santander joins Suade in the RegTech revolution|url=http://suade.org/learn/santander-fintech/|access-date=2021-09-08|website=Suade Labs|language=en}}</ref> among others.
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| Suade Labs engages with a number of strategic industry partners including Spire Strategy<ref>{{Cite web|date=9 March 2020|title=Suade Labs and Spire Strategy Announce Partnership|url=https://www.spire-strategy.com/wp-content/uploads/2020/03/Partnership-Suade-Labs-Spire-Strategy.pdf|url-status=live|access-date=7 September 2021|website=Spire Strategy}}</ref>, PA Consulting<ref>{{Cite web|date=2020-09-29|title=PA Consulting supports FCA and Bank of England|url=https://www.consultancy.uk/news/25679/pa-consulting-supports-fca-and-bank-of-england|access-date=2021-09-08|website=www.consultancy.uk|language=en}}</ref>, Infinium<ref>{{Cite web|date=2020-06-26|title=Suade and Infinium Partnership|url=http://suade.org/learn/infinium/|access-date=2021-09-08|website=Suade Labs|language=en}}</ref> and SEI<ref>{{Cite web|date=2016-11-30|title=SEI forms relationship with RegTech startup Suade|url=https://www.finextra.com/pressarticle/67252/sei-forms-relationship-with-regtech-startup-suade|access-date=2021-09-08|website=Finextra Research|language=en}}</ref> among others.
| | Most of Suade's customers use cloud-based software which enables them to receive monthly or weekly software updates. |
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| Suade Labs has operations in Europe, North America and Asia-Pacific with offices in the UK, France and Singapore<ref>{{Cite web|date=25 September 2020|title=Suade Labs supports FCA and Bank of England to revolutionise regulatory reporting|url=https://suade.org/content/images/files/Suade%20Supports%20Regulator%20to%20Revolutionise%20Reg%20Reporting.pdf|url-status=live|access-date=7 September 2021|website=Suade}}</ref>.
| | == History == |
| == Projects ==
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| In 2015, Suade was awarded [[Organization:European Union|European Union]] grant funding through the Open Data Incubator Europe for its work on open platform financial regulation<ref>{{Cite web|title=Winners of the third ODINE call announced : ODINE|url=https://opendataincubator.eu/winners-of-the-third-odine-call-announced/|access-date=2021-09-08|website=opendataincubator.eu}}</ref>. This project led to the development of the data standard [https://github.com/SuadeLabs/fire FIRE] which defines a common specification for granular regulatory data. Contributions to FIRE are licensed under the [[Open-source software|open-source]] licence [[Software:Apache License|Apache 2.0]], thus permitting widespread, open use of the FIRE data standard across the financial services industry<ref>{{Cite web|title=Highlights from ODINE's 3rd Cohort : ODINE|url=https://opendataincubator.eu/highlights-from-odines-3rd-cohort/|access-date=2021-09-08|website=opendataincubator.eu}}</ref>.
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| In 2019, Suade Labs was recognised as a Technology Pioneer by the [[Organization:World Economic Forum|World Economic Forum]]<ref>{{Cite web|date=2018-06-21|title=Suade Recognised as World Economic Forum Technology Pioneer!|url=http://suade.org/learn/world-economic-forum/|access-date=2021-09-08|website=Suade Labs|language=en}}</ref> and subsequently graduated to the Global Innovators Community in 2020<ref>{{Cite web|title=Global Innovators|url=https://www.weforum.org/about/global-innovators/|access-date=2021-09-08|website=World Economic Forum|language=en}}</ref>. Suade contributes to multiple projects across various platforms and networks, including Shaping the Future of Financial and Monetary Systems, Shaping the Future of Technology Governance: Artificial Intelligence and Machine Learning<ref>{{Cite web|title=Suade|url=https://www.weforum.org/organizations/suade-labs/|access-date=2021-09-08|website=World Economic Forum|language=en}}</ref> and the Global Futures Council on Agile Governance through the Suade CEO, Diana Paredes<ref>{{Cite web|title=Diana Paredes|url=https://www.weforum.org/people/diana-paredes/|access-date=2021-09-08|website=World Economic Forum|language=en}}</ref>.
| | Suade was founded in London in 2014.<ref>{{cite web |url=https://find-and-update.company-information.service.gov.uk/company/09197033 |website=UK Companies House |title=UK Companies House |access-date=21 June 2024}}</ref> The company received a European Commission grant in 2015<ref>{{cite web |title=Open Data Incubator Europe |url=https://opendataincubator.eu/category/suade/ |access-date=24 June 2024}}</ref> to help create an open-source standard for regulatory reporting, called [https://suade.org/fire/ FIRE] (FInancial REgulatory Data Standard). |
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| In 2020, Suade Labs was involved in a press conference on ‘How To Implement Responsible AI’ alongside Brad Smith, President of [[Company:Microsoft|Microsoft]], S Iswaran of the Government of Singapore and [[Biography:Kay Firth-Butterfield|Kay Firth-Butterfield]], Head of AI and Machine Learning at the World Economic Forum<ref>{{Citation|title='How To Implement Responsible AI' Press Conference - World Economic Forum Annual Meeting in Davos|url=https://www.youtube.com/watch?v=iHIUJco4HG4|language=en|access-date=2021-09-08}}</ref>. The press release event was held at the World Economic Forum’s annual event at Davos in 2020 following the publication of the Government of Singapore’s Model Artificial Intelligence Governance Framework Second Edition to which Suade was a contributor<ref>{{Cite web|date=21 January 2020|title=Model Artificial Intelligence Governance Framework Second Edition|url=https://www.pdpc.gov.sg/-/media/Files/PDPC/PDF-Files/Resource-for-Organisation/AI/SGModelAIGovFramework2.pdf|url-status=live|access-date=7 September 2021|website=PDPC}}</ref>.
| | Suade was listed as one of the 'FinTech50' list of high-potential European fintech firms in 2017.<ref>{{cite news |url=https://www.cnbc.com/2017/06/07/fintech50-list-here-are-the-50-hottest-fintech-firms-in-europe-right-now.html?ref=suade.org |publisher=CNBC |title=Here are the 50 hottest fintech firms in Europe right now |date=2017-06-07}}</ref> |
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| In 2019, Suade Labs provided technical support to PA Consulting which had been consulted by the Financial Conduct Authority and the Bank of England to work on their Digital Regulatory Reporting (DRR) initiative<ref>{{Cite web|date=September 2020|title=Digital regulatory reporting. A review of phases 1 and 2 of the digital regulatory reporting initiative|url=https://www2.paconsulting.com/rs/526-HZE-833/images/DRR-Report-Sept-2020.pdf|url-status=live|access-date=7 September 2021|website=PA Consulting}}</ref>. The DRR initiative aims to improve the accuracy, efficiency and consistency of the regulatory reporting process. Suade Labs provided technical expertise in regulatory reporting and data to support the initiative<ref>{{Cite web|date=September 2020|title=Digital regulatory reporting. A review of phases 1 and 2 of the digital regulatory reporting initiative|url=https://www2.paconsulting.com/rs/526-HZE-833/images/DRR-Report-Sept-2020.pdf|url-status=live|access-date=7 September 2021|website=PA Consulting}}</ref>.
| | Suade received funding from the Monetary Authority of Singapore in 2018 and started doing business in Singapore the same year.<ref>{{cite press release |url=https://suade.org/global-regtech-firm-suade-opens-office-in-singapore-to-support-its-global-expansion-plans/ |website=Suade Labs |access-date=21 June 2024 |title=Global RegTech firm, Suade Labs, opens office in Singapore to support its global expansion plans |date=December 2021 }}</ref><ref>{{cite press release|url=https://www.prnewswire.com/news-releases/td-securities-continues-to-successfully-implement-suade-labs-solutions-for-regulatory-reporting-301434255.html |access-date=21 June 2024 |agency=PR Newswire |date=2021-12-01 |title=TD Securities Continues to Successfully Implement Suade Labs' Solutions for Regulatory Reporting }}</ref> |
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| In 2020, Suade Labs partnered with [[Organization:Society for Worldwide Interbank Financial Telecommunication|SWIFT]] on a project as part of the [[Organization:G20|G20]] TechSprint organised by the [[Organization:Bank for International Settlements|Bank for International Settlements']] Innovation Hub and the Saudi Presidency<ref>{{Cite web|date=2020-09-25|title=Transforming liquidity reporting: A case study in collaboration|url=https://www.swift.com/news-events/news/transforming-liquidity-reporting-case-study-collaboration|access-date=2021-09-08|website=SWIFT - The global provider of secure financial messaging services|language=en}}</ref>. The team were shortlisted for their solution<ref>{{Cite journal|date=2020-08-10|title=Saudi G20 Presidency and BIS Innovation Hub update on the progress made in the G20 TechSprint initiative|url=https://www.bis.org/press/p200810.htm|language=en}}</ref>. The project focused on transforming liquidity reporting to “give regulators an automated, near real-time view over institutions’ liquidity positions and the wider picture in the market, all while improving efficiencies in the regulatory reporting process”<ref>{{Cite web|date=2020-09-25|title=Transforming liquidity reporting: A case study in collaboration|url=https://www.swift.com/news-events/news/transforming-liquidity-reporting-case-study-collaboration|access-date=2021-09-08|website=SWIFT - The global provider of secure financial messaging services|language=en}}</ref>. | | In 2021, Suade received investment from a panel of investors led by Glenn Hutchins.<ref>{{cite press release |url=https://www.prnewswire.com/news-releases/suade-labs-global-regtech-solutions-provider-raises-strategic-funding-led-by-tech-investing-pioneer-glenn-hutchins-301425906.html |access-date=21 June 2024 |agency=PR Newswire |date=2021-11-17 |title=Suade Labs, global RegTech solutions provider, raises strategic funding led by tech investing pioneer Glenn Hutchins }}</ref><ref>{{cite news |url=https://ffnews.com/newsarticle/suade-labs-raises-strategic-series-a-funding/ |access-date=21 June 2024 |agency=Fintech Finance News |date=2021-11-17 |title=Suade Labs raises strategic Series a Funding }}</ref> |
| == Accolades, public engagements and publications ==
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| Since its founding in 2014, Suade Labs has won several accolades. These include being listed among the [[Finance:Financial technology|FinTech]] 50 2016 list unveiled at Money 20/20<ref>{{Cite web|date=2016-04-05|title=UK firms dominate FinTech50 2016 list unveiled at Money20/20|url=https://www.uktech.news/news/uk-firms-dominate-fintech50-2016-list-unveiled-at-money2020-20160405|access-date=2021-09-08|website=UKTN (UK Tech News)|language=en-GB}}</ref> and among the 50 hottest FinTech firms in Europe in 2017<ref>{{Cite web|last=CNBC.com|first=Neil Ainger; special to|date=2017-06-07|title=Here are the 50 hottest fintech firms in Europe right now|url=https://www.cnbc.com/2017/06/07/fintech50-list-here-are-the-50-hottest-fintech-firms-in-europe-right-now.html|access-date=2021-09-08|website=CNBC|language=en}}</ref>.
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| Suade Labs has contributed thought leadership on a range of topics. Examples include an article on ‘Why financial institutions need a master data strategy as a starting point for a RegTech strategy’<ref>{{Cite journal|last1=Abur|first1=Murat|last2=Murphy|first2=Sarah|date=2019|title=Why financial institutions need a master data strategy as a starting point for a RegTech strategy|journal=Issue: 1 Journal of Financial Compliance|volume=Volume: 3|pages=7–12}}</ref>, a book chapter entitled ‘Disclosures and market discipline: the promise of RegTech’<ref>{{Cite book|last1=Abur|first1=Murat|url=https://riskbooks.com/regtech-suptech-and-beyond|title=Regtech, Suptech and Beyond: Innovation in Financial Services|last2=Dyck|first2=Maximilian|publisher=RiskBooks|year=2021|editor-last=Coen|editor-first=William|chapter=Disclosures and market discipline: the promise of RegTech|editor-last2=Maurice|editor-first2=Diane}}</ref> and a range of articles in the EUROFI Magazine on ‘Basel IV, Common Data Standards and Artificial Intelligence’<ref>{{Cite journal|date=April 2020|title=Showing European solidarity and unity|url=https://www.eurofi.net/wp-content/uploads/2020/04/views-the-eurofi-magazine_zagreb_april-2020.pdf|journal=The EUROFI Magazine|pages=161}}</ref> and on ‘GDPR and the opportunity for technology to put a value on personal data’<ref>{{Cite journal|date=2018|title=FINTECH AND DIGITALISATION|url=http://sofia2018.eurofi.net/wp-content/uploads/2018/04/V_FINTECH_AND_DIGITALISATION_EUROFI_VIEWS_SOFIA_2018.pdf#page=32|journal=The EUROFI Magazine|pages=195}}</ref>.
| | The company is advised by a panel of regulatory experts<ref>{{cite news |url=https://thefintechtimes.com/financial-market-stress-causes-suade-to-launch-a-think-tank-featuring-eugene-ludwig-lyndon-nelson/ |access-date=21 June 2024 |agency=Fintech Times |date=2023-05-15 |title=Financial Market Stress Causes Suade to Launch a Think Tank Featuring Eugene Ludwig & Lyndon Nelson }}</ref> including: |
| | * William (Bill) Coen, former secretary general of the [[Organization:Basel Committee on Banking Supervision#Leadership|Basel Committee on Banking Supervision]] (BCBS)<ref>{{cite web |url=https://kpmg.com/xx/en/home/contacts/c/bill-coen.html |website=kpmg.com |publisher=KPMG |access-date=21 June 2024 |title=Bill Coen - KPMG Global |date=2024-05-15 }}</ref><ref>{{cite web |url=https://suade.org/suade-org-william-bill-coen/ |website=Suade Labs |access-date=2024-06-21 |title=Bill Coen |date=2 February 2023 }}</ref> |
| | * William (Bill) Dudley, former Federal Reserve Bank of New York president |
| | * Eugene (Gene) Ludwig, 27th Comptroller of Currency under former President Bill Clinton |
| | * [https://www.bankofengland.co.uk/about/people/past/lyndon-nelson/biography Lyndon Nelson], former deputy CEO of the Bank of England |
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| Suade Labs also frequently contributes to speaking events around the globe. Examples include regular presentations at [[Finance:Sibos (conference)|Sibos]] on topics such as ‘COVID-19 recovery: having a master data strategy in financial services’,<ref>{{Citation|title=Sibos 2020: COVID-19 recovery: having a master data strategy in financial services|url=https://www.youtube.com/watch?v=L6R2eJwRyWc|language=en|access-date=2021-09-08}}</ref> at the Singapore FinTech Festival on ‘Has COVID-19 led to an increase in RegTech demand?’<ref>{{Citation|title=Has COVID-19 led to an increase in RegTech demand? {{!}} 11 May 2020|url=https://www.youtube.com/watch?v=VXqDEZrKbFc|language=en|access-date=2021-09-08}}</ref> and at Shift Money 2019 on ‘Why your data quality problems are not your user’s fault’<ref>{{Cite web|title=Watch Murat Abur Talk & Discussion Videos at Conferences {{!}} ConferenceCast.tv|url=https://www.conferencecast.tv/speaker-38325-murat-abur|access-date=2021-09-08|website=www.conferencecast.tv|language=en}}</ref>.
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| == References == | | == References == |
| <!-- Inline citations added to your article will automatically display here. See en.wikipedia.org/wiki/WP:REFB for instructions on how to add citations. --> | | <!-- Inline citations added to your article will automatically display here. See en.wikipedia.org/wiki/WP:REFB for instructions on how to add citations. --> |
| {{reflist}} | | {{reflist}} |
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| | | == External links == |
| | * [https://suade.org/ Suade Labs website] |
| | * [https://find-and-update.company-information.service.gov.uk/company/09197033 Suade Labs (UK Companies House)] |
| {{Sourceattribution|Suade Labs}} | | {{Sourceattribution|Suade Labs}} |
