Journey So Far
It has been an exciting journey in Cynopsis for me with many exciting results and being a part of a great team. I would like to thank Chye Kit for the opportunity and great support for the projects and initiatives to enable so much to happen.
Just enumerating the results was a palpable re-enacting of the experience that I had been through.
The company won the Fintech Festival Singapore Founder Award (2nd place). http://www.mas.gov.sg/News-and-Publications/Media-Releases/2018/Twelve-innovative-FinTech-solutions-recognised-at-the-2018-FinTech-Awards.aspx
Built a new development team in Vietnam in the first month, growing to 8 by December bringing the Tech Team overall size over 25. This growth represents a significant investment and a significant emphasis on technology. We expect this to continue as we propel the business into the global landscape (we have opened new offices in London and Taiwan).
The Tech Team has worked hard and we are putting the lid on 3 products in November. This is expected to add significantly to the revenue potential of the business.
Spearheading the technology transition from the earlier architecture to the newer one that enables decentralized, cloud and on-site systems to inter-operate effectively while continuing the emphasis on security and scalability.
Developed partnership with ongoing integration projects with various 3rd-party products that is expected to improve the market reach, depth of data and capabilities of Cynopsis's products.
We are in the process of building a new Data Engineering team as part of the Tech Team.
Currently, we are having an internal Tracython event that lasts the entire November. This hackathon helps to foster innovation and cross-team collaboration within the organization and we hope to extend this to our developer community in future.
The future roadmap is equally jam-packed with activities as we see a strong pipeline of projects and product releases. Technology-wise, we are getting into creative use of big data, artificial intelligence and machine learning, blockchain compliance, enabling a more widespread adoption of KYC in the more comprehensive sense.
By embracing a more holistic approach towards enterprise compliance and access management for external customers, I believe we can help the industry to improve the often love-hate relationship between privacy and accountability.
Having laid the foundation to setup a good team, we are now poised to take the already formidable product suite to the next level.
We aim to uberize our UI framework to enable reuse across all our products for greater consistency as well as to refresh our components to capitalize on new PWA-based technology thus increasing performance and smoothness of UX.
The microservice architecture already in use for our latest product, Ares, will be utilized to improve the scalability and maintainability of current products. Overall, this should result in 30% of hosting cost reduction while enabling more efficiency during support and solutions development.
Utilizing the decentralized blockchain technology to enable B2C use of our KYC services takes us a step towards increased user privacy and more granular distributed compliance service centered on tokenomics that reward all who participates thus returning power to the masses.
As we delve deeper into the cryptocurrency space to cover AML/CTF in this area, new Artificial Intelligence and Machine Learning methods are being utilized to enhance the results of more traditional heuristic models. The openness of blockchain also creates opportunities for improved tracing capability but presents new challenges as well as counter-detection mechanisms like mixers/tumblers and network hopping increase the complexity.
Our KYC-driven approach to enable the extension of compliance for the management of customer access control will help enterprises to manage customers centrally by categorization into domains based on organization, role, device, app or verification status. This vision entails a broad partnership with multiple technology partners.
We understand that all these are audacious plans and could be fraught with many difficulties. However, as a leader for emerging technology, I am confident that we will progressively achieve each of these goals throughout 2019. As we wrap up 2018 with a bang, next year's growth looks to be even more vigorous. I am truly excited and grateful to be part of this vibrant and passionate team!