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RegTech for FinTech: Chye Kit meets ASEAN Public Officials

It was a great honour to have Chye Kit invited by the Singapore FinTech Association (SFA) to share about Cynopsis Solutions with an esteemed group of ASEAN public officials hosted by Ministry of Foreign Affairs Singapore as part of their FinTech learning journey to Singapore. Organised by Ngee Ann Polytechnic, we had the chance to showcase our startup proposition alongside other FinTechs such as JEDTrade and BondEvalue.

RegTech was highlighted as an opportunity that can enable industry players to work with regulators efficiently and effectively. Chye Kit further illustrated the importance of embracing the concept of RegTech in view of the evolving regulatory landscape, with more government bodies taking a stricter approach to combat money laundering and terrorism financing. Essentially, RegTech aims to simplify and speed up compliance process for FinTech startups that lacks resources or compliance team to streamline their compliance workflow. This will also ensure that the release of new regulatory requirements are automatically addressed in the onboarding of new and existing clients.

Chye Kit mentioned, “An effective compliance is essential for FinTech firms to accelerate and improve their onboarding process. Furthermore, by enhancing their KYC and AML processes, FinTech startups can not only ensure they are keeping up with evolving regulatory standards but focus on technological innovations and boost their competitiveness in the digital global marketplace.”

Chye Kit also introduced our RegTech solutions ARTEMIS, ARES and ATHENA and our innovative technologies, combined with deep regulatory expertise helps to resolve clients’ compliance pain points.

ARTEMIS, our unique Know Your Customer (KYC) automation tool is designed to help our clients meet regulatory requirements and to date, ARTEMIS has helped over 750+ B2B clients with their AML/CTF requirements. To provide our clients with a more comprehensive KYC solution, Cynopsis developed ARES, a digital onboarding platform that provides non face-to-face Know Your Customer (KYC) processes. With this platform in place, businesses can conduct e-KYC in a way that integrates effortlessly with their own systems. Lastly, our software ATHENA helps to address the need for post-transaction monitoring obligations for sectors governed by regulatory bodies in respect of combating money laundering and terrorism financing activities in digital currency exchange.

Once again, we would like to thank Singapore FinTech Association for this incredible opportunity to meet with esteemed ASEAN public officials and share about our vision for the future of RegTech for FinTech.

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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