We are delighted to announce that Chye Kit, our CEO and Co-Founder, has been appointed as the Chair of the newly formed Singapore FinTech Association RegTech Sub-Committee. Chye Kit’s appointment marks an important milestone for Cynopsis Solutions as it is in line with our vision to revolutionise the RegTech landscape by promoting regulatory inclusion through encouraging the adoption of innovative technologies to ease compliance processes for firms to achieve better regulatory outcomes. During the Singapore FinTech Association (SFA) RegTech Sub-Committee Launch Event held on 30 May 2019, Chye Kit was given the privilege to lead the opening introduction as well as to share the vision and mission of the team, alongside with several other sub-committee members.
Chye Kit leading the opening message for the event launch.
Chye Kit introducing the members of the SFA RegTech Sub-Committee during the event.
Top left and top right: Introduction of the SFA RegTech Sub-Committee vision and mission.
Bottom left: Explanation of the relevance of RegTech industry.
Bottom right: Explanation of how establishment of the Sub-Committee could benefit the RegTech industry in the long run.
Apart from introducing the team’s vision and mission, Chye Kit explained the importance of having well-regulated business environment, which will help to deter money laundering and terrorism financing activities and how the role of RegTech comes into play. Despite it being a new industry, RegTech presents its significance in the business environment in terms of countering money laundering and terrorism financing. One example that he gave during the event was, “Three quarters of terror attacks in Europe have cost less than $10,000 to fund”, depicting that it is not challenging to source funds for terrorism activities globally in the absence of proper and/or efficient Know Your Customer/ Anti-Money Laundering (KYC/AML) checks. In other words, the outcome could be detrimental if flow of funds were channeled to finance terrorism activities.
With the establishment of the RegTech Sub-Committee, there will be more outreach platforms for FinTech firms to gain exposure and deeper insight into the adoption of RegTech for better regulatory outcomes. The committee also envisions to build more inclusive programs and platforms for the RegTech and FinTech space to foster networking and discussion among the relevant stakeholders. This will enhance the quality of Regtech and FinTech ecosystems locally, regionally and globally.
Panel discussion held by a group of industry leaders and experts.
Highlights of the event include having Dr Li Xuchun, Head of Supervisory Technology Office from Data Analytics Group of Monetary Authority of Singapore (MAS) to share his perspectives of the RegTech ecosystem during the keynote address. A panel discussion had also been held by a group of industry leaders and experts to explore the impact of RegTech. To end off the event on a high note, Cynopsis team had a great networking session with the participants, government officials, as well as industry leaders and experts.
We would like to express our appreciation to SFA for organising the event and we look forward to meeting and having more collaborative initiatives with the industry stakeholders in the near future.
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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