Yesterday, Chye Kit, the Managing Director and co-founder of Cynopsis Solutions attended a panel discussion at The World Credit Union Conference Singapore 2018 (WCUC). This conference hosts industry professionals, global regulators and market experts committed to forward thinking and continuous improvement.
Chye Kit was invited to sit on a panel discussion on the topic — FinTechs: Partners or Disruptors. This topic runs in parallel with our business vision of achieving Regulatory Inclusion by simplifying and automating compliance processes for small to medium financial institutions, FinTech startups, as well as blockchain and cryptocurrency related businesses.
Issues surrounding Anti-Money Laundering (AML) and Know-Your-Customers (KYC) have never been new to the economy, especially the financial sector. The extent of these problems is estimated to mount up to a hefty sum of US$1–2 trillion according to the United Nations and this amount continues to accrue while it pends for an efficient and effective solution.
With the rise of the virtual financial space and cryptocurrencies, governments around the world are tightening up regulatory controls in these areas. According to the World Council of Credit Unions, Credit Unions in several countries have faced regulatory changes over the past year.
These changes make it challenging for companies to keep up and comply to the regulatory requirements unerringly. Under these changes, startups and businesses in the finance space will be subject to regulatory burdens that are scaled to the institution’s asset size. While large corporates may have the resources and capabilities to keep their regulatory compliance practices in check, smaller companies still struggle to meet these regulations under cost and time restraints.
These companies including the FinTech and Blockchain startups, small to medium financial institutions and credit unions may not yet have the capacity to stay on track as quickly.
Our vision is to achieve Regulatory Inclusion by making it easier for small players to comply with their respective AML/CTF regulations in a cost-effective manner.
Building a seamless KYC/AML compliance process
Cynopsis Solutions employs innovative technology to help our clients overcome regulatory hurdles. We leverage on Artificial Intelligence (AI) to automate the manual and to digitise the analogue. Our flagship product, Artemis, extends its product coverage to not just the FinTech industry, but also the professional services, financial institutions, Blockchain and Cryptocurrency startups and credit unions.
Artemis is a simple, cost-effective one-stop software to automate complex regulatory requirements on KYC, AML and CTF. Artemis will thus help to see through our client’s onboarding process, starting from AML and KYC screening of their customers before onboarding to tabulating a risk assessment score and finally helping to fulfil record keeping and due diligence requirements.
Till today, Artemis has been tried and implemented by more than 750+ B2B clients around the world in just more than 40 months of operations. Currently, we have more than 3000 users globally and proudly selected as one of RegTech 100 companies in the world as well as the only founding member of the RegTech Association in Australia.