The future of regtech, upcoming challenges and much more...
with Philip Schoch, Apiax
[FH]: Could you tell us a bit more about yourself?
[PS]: My name is Philip Schoch, and I grew up in Scuol, a beautiful place in the heart of the Swiss mountains. I look back on a career in finance and software development that has taken me around the globe. In 2017, I founded Apiax with my three co-founders.
[FH]: Could you briefly describe what Apiax is all about? Where is the team based out of?
[PS]: Apiax is all about building the compliance infrastructure for the digital world. We are currently focused on the financial industry, selling a solution that enables financial institutions to embed compliance into their applications and operational processes.
We want to enable a digital economy based on a fair and sustainable financial system - where all participants play by the same rules and where compliance is standard.
The team currently works from five locations - Lisbon, Zurich, London, Frankfurt and Singapore. We describe ourselves as a microglobal company and follow a hybrid working model, where employees can combine the flexibility of remote working with the opportunity to meet and exchange ideas regularly in our beautiful workspaces.
[FH]: Where did the idea of Apiax originate?
[PS]: The idea stems from one of my previous work experiences, where I and my co-founders experienced first-hand the impact of regulatory complexity. We developed software solutions for financial institutions, and making sure those solutions reflected all the necessary rules and policies was a nightmare - not to mention staying compliant with changing rules. So we thought it could be done better and founded Apiax.
[FH]: What do you consider to be the accomplishment you and Apiax are the proudest of so far?
[PS]: Definitely the growth we have achieved. Growth means finding customers, which means having a value-added product that we market and sell in the right way. So growth means doing things right, hiring the right people, having the right culture. It also means that people have meaningful work that motivates them. The fact that we are able to maintain this balance makes me proud.
[FH]: Where are you now on the roadmap? What are some of the things we can expect from Apiax in the nearby future?
[PS]: We are taking on more customers than ever before, and will continue to do so for a while. So our focus right now is on delivering a great experience for our customers. On the one hand, that means investing in a customer success team. On the other hand, we are investing in resources that enable our customers to use and understand our product as independently as possible.
On the other hand, we continue to invest in our culture and brand. We want to remain a great place to work with an engaging culture and inspiring workplaces. Ultimately, we will only be successful if we succeed in this.
[FH]: How do you see the emergence of more Regtech startups in recent years and what are the challenges that still need to be addressed?
[PS]: It's no surprise that the RegTech sector continues to grow. As more and more areas of our daily lives and financial lives become digital, regulatory compliance must also become digital.
What differentiates us from our competitors, is that we don't want to provide our customers with a siloed solution for digital compliance. We want to be their one-stop shop. This is what sets us apart from other RegTech startups.
At the end of the day, I don't think RegTech is different from other areas of our economy. The companies that can add value to customers will prevail; those that can't, won't. So that's the ultimate challenge that we always have to face: How do we create a product that adds real value for our customers? And given our track record, we are confident that we will continue to produce an exceptionally valuable product.