FICO, a Germany based analytics and predictive software development company, has entered the Nepali market.

The company aims at catering to the needs of banks and financial institutions (BFIs) in the country by providing software which will be helpful in combating money laundering and financial frauds and crime. 

FICO has partnered with ELAM, a leading reseller and provider of the technology solution based in Nepal, to deliver its financial crime solution and market expertise to the BFIs. FICO, which has offered such solution to more than 1,000 clients in over 90 countries, claims to provide localised product to Nepal’s BFIs that meet the local regulation and fit into local business environment.

“Nepal’s local regulations and business environment will see us localise our solution to ensure it is just as effective in Nepal as it is globally,” said Trosten Mayer, vice president for compliance solutions at FICO. 

“For example, local list of politically exposed person will soon be added to enrich the data. Coupled with the latest analytics, this will deliver a winning approach to lenders and the regulator.”