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Highlights From The Meetup by Compliance Collective: Payment Services Act

It was a momentous occasion for Cynopsis Solutions as we participated in the inaugural meetup organised by the Compliance Collective, which took place on January 15 at the Suntec Singapore Convention & Exhibition Centre.

The event marked the formal launch of the Compliance Collective, which includes Cynopsis Solutions, Ethikom Consultancy, Merkle Science, Radicali, Data Zoo, RDC, Xione Group, Credit Bureau Asia and Xperientia, forming a consortium of trusted compliance-focused service providers that work with financial institutions and FinTech firms to provide a comprehensive suite of compliance services.

Representing Cynopsis Solution at the event was our co-founder and CEO, Chionh Chye Kit and our Sales Manager, Jessica Ho. Jessica had the opportunity of introducing the attendees to our SaaS products aimed at helping our clients bridge the gap between their businesses and the ever-evolving regulatory space, while Chye Kit discussed the impact of two recently published MAS Consultation Papers (one relating to the regulatory scope of money, e-money, and DPTs, as well as the regulation of payment services based on these emerging forms of payment and the other proposing certain amendments to the Payment Services Act, to expand the DPT service providers’ activities) on payment services firms, during the event’s panel titled “Getting Ready for the Payment Services Act (PSA).

Another highlight of the event was the MOU signing between the members of the Compliance Collective and SG Blockchain Association aimed at fostering a mutually beneficial relationship with a focus on future collaborative efforts.

Moving forward, we are expecting to see many more events organised by the newly formed Compliance Collective and look forward to our participation in them.

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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