As part of the Lord Mayor City of London, Mr. Peter Estlin’s visit to Singapore, Cynopsis Solutions was invited to participate in a FinTech Round-Table discussion hosted by the Singapore Fintech Association, SC Ventures, British High Commission and UK Innovate Finance. The objective of the Round-Table was to discuss FinTech developments and opportunities in both the UK and Singapore. Our CEO, Chye Kit represented Cynopsis and shared his views about the regulatory challenges and potential collaboration opportunities with fellow FinTech/RegTech participants in Singapore and UK.
Some key takeaways include the extension of the FinTech bridge between Singapore and the UK and how that can better benefit the ecosystem by exploring consistent regulatory frameworks and licence passporting, for example. Together with the Monetary Authority of Singapore’s Chief FinTech Officer, Mr. Sopnendu Mohanty, the Lord Mayor led the discussion and shared various views about how government agencies and regulators in both jurisdictions can facilitate better collaboration between the banks with FinTech/RegTech participants as well as the role of UK Innovate Finance and Singapore FinTech Association in this exercise.
A positive outcome and definitely a good step forward in the right direction. The challenge is to translate these conversations into actual implementation of solutions that the existing FinTech/RegTech participants have already come out with. Actual adoption is key.
Cynopsis Solutions has been forefront in driving collaborations between Singapore and UK. In fact, we have dived straight into it by setting up an operating business in London in Nov 2018. We believe that the historical links and the very similar legislative and regulatory landscape between UK and Singapore makes perfect sense for us to expand our operations into the UK at this time.
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.