On 13 July 2017, Cynopsis signs a Cooperation Agreement with Korea Smart Authentication Corp (KoSAC) to collaborate on developing connectivity and interoperability between each other's products.
Cynopsis specialises in RegTech SaaS in the KYC/AML/CTF space where our flagship product, Artemis, helps more than 150 B2B customers in the financial and non-financial sectors better comply with prevailing AML/CTF regulations by automating the manual processes and digitising the analogue documentation.
KoSAC is the first mobile biometrics identity and authentication service provider in Korea. KoSAC believes the genuine value of authentication is to recognise your valuable customers and to provide exactly what they want when they need it. In this regard, identity and authentication play the key roles in digital economy. KoSAC partners with Daon, a global leader in mobile biometric authentication technology.
In this collaboration, Cynopsis and KoSAC will explore and build Application Programming Interfaces (APIs) between Artemis and KoSAC's UNIID where existing and prospective customers will benefit from the integration of the 2 platforms such that end customers of Cynopsis and KoSAC's clients can really experience a seamless, digital and secured onboarding process.
Cynopsis and KoSAC intends to leverage on its others strengths to disrupt the KYC/AML space in the region.
"With massive complexity in regulatory requirements, it is no longer acceptable to be doing things manually or in keeping analogue records. Where Cynopsis brings its deep regulatory knowledge and practical application of technology in the AML space, KoSAC brings about a new level of services in identity and authentication that will certainly benefit market participants seeking for a complete and cost effective KYC/AML solution," said Chionh Chye Kit, Managing Director and Co-Founder of Cynopsis.
"With rapid technological developments, we live in an era of unprecedented connectivity. Transaction of money and information is now possible wherever and whenever. Like the physical society, identity is the basis of any trusted transactions. However digital identity left individuals worrying about losing their privacy and control over their personal data, and companies fearing mismanagement of customers’ data. Such situation generates a great need to develop digital identity and KYC system that does not compromise security and convenience. Cynopsis and KoSAC thus strives to create a whole new level of digital trust together through cooperating their innovative KYC/AML solutions," noted Kibong Moon, Founder and CEO of KoSAC.