It has been a rewarding 5 days for Cynopsis Solutions at the Compliance and Transparency Week event, which was held at the Regent Hotel, Singapore, from 17th September to 21st September 2018. We are honoured to be the sponsor and exhibitor for this event. Organised by the British High Commission, the Compliance & Transparency Week served as a platform for government and private sectors to discuss on various topics regarding the compliance and regulatory landscape.
One of the main highlights of the Compliance and Transparency Week was the presentation of Regulatory Technology (RegTech). We are pleased that our CEO, Chionh Chye Kit was invited by the British High Commission to share about RegTech with the audience. He addresses how Regulatory Technology proactively identify and respond to regulatory issues such as AML/Counter-Terrorist Financing (CTF) and financial crimes. This includes leveraging on Machine Learning & Artificial Intelligence.
Following his fire-side chat with Nicolas Le Moignan of GovRisk regarding FATF FinTech and RegTech Forum, Chye Kit was invited to be the moderator on the first panel session. The panelists include Ashley Koh, General Manager (GM) of MatchMove, Nick Cowan, CEO of Gibraltar Blockchain Exchange, Hiroyuki Kiga, COO of Wallex Technologies, and lastly, Robin Lee from Thomson Reuters. The speakers discussed how RegTech has shaped the Financial Technology and Blockchain Industry.
The speakers also shared on how RegTech business model complements FinTech and Blockchain business model, which allow startups to select suitable APIs and configurations for their business, compliance and risk framework. They further showcased how Cynopsis Solutions as a RegTech company can help to streamline the AML/KYC process, and provide a more agile and cost-effective solution. This allows small companies and startups with limited resources to comply efficiently and effectively.
Before the end of the RegTech Day, Chye Kit panelled with other very Blockchain speakers to discuss whether Blockchain is a silver bullet or hype. When asked about ICOs and cryptocurrencies, Chye Kit noted that there is currently a divergence of treatment in security token and utility token. He mentioned that there are countries like the US, treating almost all tokens as security and no exchange would list an utility token. On the other hand, in Asia, it is completely reversed where almost every project will structure itself into an utility token so that they will be listed. This creates a massive regulatory arbitrage issue globally.
We are delighted to be able to participate in the Compliance and Transparency week, where our team interacted with many industry leaders and professionals. Exchanges between the professionals and our team provided us new insights of the challenges and trends in the regulatory landscape, and opening Cynopsis Solutions to more possibilities of partnership.
About Cynopsis Solutions Cynopsis Solutions Pte Ltd is a RegTech company founded in 2014 and based in Singapore. We focus on anti-money laundering and counter terrorism financing softwares to automate the manual process and digitise the analogue records and documentation. Our Software-as-a-Service (SaaS) products are deployed in the cloud (Amazon Web Services) using industrial strength encryption, security technology and architecture design to ensure confidentiality and privacy of data stored. The unique proposition of combining our deep regulatory and Compliance expertise with smart use of functional technologies allows us to offer very cost effective anti-money laundering and counter terrorism financing solutions to smaller and medium size financial institutions, professional services companies as well as FinTech start-ups.