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Breaking Down The Deal - Best Practices and Learnings At The FinTech Forum Conference With Chye Kit!

It is yet another successful wrap to an eventful session for Chye Kit, where he was invited to the sharing session - “Breaking down the deal” at the half-day FinTech Forum conference that was hosted by Tech in Asia in partnership with Amazon Web Services (AWS).

The overarching content of the whole session was to explore some of the best practices, and challenges that lead to a successful partnership between FinTechs and Banks or Financial Institutions (FIs). The session kickstarted with Chye Kit giving a brief introduction of Cynopsis Solutions’ background as well as a brief walkthrough of our end-to-end KYC/AML solutions - from Digital Onboarding to e-KYC to Transaction Monitoring. Moving on, Chye Kit also shared with the audiences how our long-standing partnership agreement with AWS helps to offer our clients better security outcomes and protection.

One of the key highlights of the session was the insightful sharing on how Cynopsis Solutions break down the deal with our clients in the Banking and Financial Services sector. Chye Kit has identified several key areas to a successful partnership with Banks and FIs, some of which include Knowing Your Customer (understanding their business needs and regulatory pain points, security obligations and standards is essential), Speed and Ease of Implementation, understanding what is a Must Have vs Good To Have and Patience and Resources (constantly showing clients our commitment to provide the highest level of security standards is essential).

Last but not least, Chye Kit also briefly touched on how Cynopsis leverages AWS resources and architecture in helping us to achieve operational efficiency, service availability to ensure the stability and reliability of our system as well as network security.

In the later part of the sharing, was a 10-minutes Q&A session that was moderated by Lillian, where Chye Kit alongside Benjamin Soh from STACS answered some questions from the attendees. When asked about how Cynopsis accelerates its security standards and how is our security journey thus far, Chye Kit stated that whilst it was challenging to catch up with the security levels, we have been continuously elevating our security and Technology Risk Management (TRM) standards to keep up with the Banking and FIs sectors’ benchmark and we are extremely proud to have reaped the fruits of our effort in 2020 where we clinched the ISO 27001 certification. As we continue to strive for better security standards, Chye Kit also pointed out that it is a shared responsibility between application/software providers, AWS and clients in ensuring the highest standard of security.

Before concluding the entire session, when asked about what happens after the deal closes and if there are any key takeaways and learnings upon onboarding a client, Chye Kit highlighted the importance of having a client service team and technical support team who are able to support clients across all regions. Advocating the Follow the Sun Model, one such attempt that Cynopsis adopted towards continuously providing 24/7 client support was to build teams in other regions, as seen from our latest global expansion late last year - USA Incorporation.

About Cynopsis Solutions

Founded in 2014 and headquartered in Singapore, Cynopsis Solutions offers RegTech solutions designed to digitise and automate Compliance and regulatory processes, in particular know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards (2018), RegTech100 (2018, 2019) and Financial Times Top 50 High Growth Companies in Asia-Pacific.

Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations, applicable to more than 180 jurisdictions and is already helping more than a thousand B2B customers in the Banking, Financial Services, FinTech and Cryptocurrency, Professional Services and Gaming sectors globally.

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