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RegTech for FinTech: Cynopsis Solutions in Taipei

With the recent implementation of the new Anti-Money Laundering (AML) legislation by Taiwan’s government to be in line with the FATF standard, professionals in the country have recognised the importance of Regulatory Technology (RegTech) and the efficiency it brings to the regulated sectors in Taiwan, especially the country’s booming FinTech industry. In view of this, and as part of its inaugural broader FinTech training programme, FinTech Base recently invited Cynopsis Solutions’ CEO, Chionh Chye Kit, to speak about Regulatory Technology and its applications.

FinTech Base is founded from the collaboration between industry, government, and research, with a shared vision to create a vertically integrated financial technology ecosystem in Taiwan. They are focused on merging the finance and technology industries, along with becoming a driving force behind the growth and transformation of Taiwan's financial industry, by training new FinTech professionals and accelerating new FinTech startups.

The implementation of the new AML legislation by the Taiwanese government shows the need to keep up with the ever-changing regulatory landscape. FinTech startups however, lack the resources to hire experienced compliance personnel to manage regulatory risks. FinTech Base is therefore keen to introduce RegTech for Taiwan’s FinTech industry, and the concept of utilising RegTech to comply more efficiently and effectively. Chye Kit was invited to talk about RegTech during the FinTech training programme, and its solution to reduce “pain-points” of compliance for FinTech startups and other regulated sectors.

As Taiwan continues to show its commitment to combating money laundering, the country represents a significant opportunity for RegTech. Working towards our goal of global expansion, Cynopsis has also chosen Taiwan as its next major market in Asia. Headquartered in Singapore, Cynopsis Solutions provides secure, cost-effective software that streamlines and automates Know-Your-Customer (KYC) processes.

“Taiwan is taking a very proactive approach to implementing anti money laundering (AML) measures, for example, with the establishment of the Anti-Money Laundering Office last year. With this increased focus on fighting financial crime, there is a significant opportunity for RegTech firms such as Cynopsis Solutions to help financial institutions and other organisations in Taiwan to address their AML and KYC requirements,” Chye Kit explained.

Chye Kit continued: “While many firms in the region are required to conduct KYC processes, few are equipped with the expertise to fully address the regulatory requirements of a KYC risk-based approach and adapt to the heightened regulatory focus on KYC. Engaging the potential market of Taiwan is, therefore, part of our strategic plan to support greater regulatory inclusion by firms here as well as elsewhere around the world.”

Cynopsis Solutions’ team also concluded a successful two days at the FinTech Taipei, which was held on the December 7th and 8th. FinTech Taipei is the biggest FinTech event in Taiwan focusing on Asia FinTech insights. There were over 200 booths from over 10 countries in the Expo, and attracted more than 10,000 attendees with 70% senior management; featuring over 500 of the world’s top FinTech founders, investors, regulators, and academics.

Cynopsis Solutions is honoured to have presented our solutions to Mr. Wellington Koo, Chairman of Financial Supervisory Commission (FSC) Taiwan. When asked about our flagship product, Artemis, Cynopsis’ team showcased how our solution can help to improve the regulatory landscape in Taiwan and resolve the pain points faced by many businesses through the smart use of technology.

FinTech Taiwan has provided Cynopsis Solutions with valuable insights into Taiwan’s FinTech landscape, and we are pleased to have the opportunity to exchange ideas and talk about RegTech with many professionals alike from around the globe. FinTech Taiwan also demonstrates the importance of building a global platform for the FinTech community to connect and collaborate, enhancing the FinTech ecosystem at a global scale.

Cynopsis Solutions looks forward to joining FinTech Taiwan in 2019!

About Cynopsis Solutions:

Cynopsis Solutions was established in Singapore in 2014 and offers regulatory technology (reg tech) solutions designed to automate KYC processes. It has operations in Singapore, UK, Taiwan and Vietnam. Cynopsis Solutions is a winner of MAS FinTech Awards 2018 and has been recognized as one of the REGTECH100 – an annual list of 100 of the world’s most innovative RegTech companies as determined by RegTech Analyst, a RegTech intelligence platform.

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