Recently, Cynopsis Solutions had the opportunity to engage a group of participants on Regulations, RegTech as well as Digital Risks.
A course jointly organised by Institute of Singapore Chartered Accountants (ISCA) and FinTech Academy, we had our CEO - Chionh Chye Kit, Tech Lead - Xu Yangbo, and Dias Lonappan to share the perspectives of how Cynopsis Solutions and traceto.io use technologies to help solve clients’ regulatory problems.
Digital revolution is bringing out mass changes in the regulatory landscape, most particularly in the financial space. In Singapore, the Monetary Authority of Singapore (MAS) has pushed through a slew of regulations to help accelerate the process of obtaining licenses and approvals for new startups. To provide participants a good understanding of the current regulatory landscape, Chye Kit shared with the participants regulatory trends and developments in the recent years, and approaches taken by various regulatory bodies, such as MAS.
The use of RegTech in the current evolving regulatory world was also introduced during the session to the participants. Financial services sector is a heavily regulated industry with many stakeholders involved, and it is fundamental for FinTech startups to understand the relevant regulatory environment and corresponding regulatory requirements. Possessing a good understanding of the regulatory landscape will help you stay ahead and be well-positioned for growth.
With the changing regulatory landscape, there is a need for more workflow automation, continuous monitoring, and predictive analytics. Such a need has created a trend, with more industry experts advocating for further automation of tedious compliance process. Artificial Intelligence (AI) is also overtaking manual compliance workflow, with more use cases and adoption of AI to replace mundane or repetitive compliance tasks.
Chye Kit also shared with the participants the key verticals of RegTech and its applications in various domains.
Though the RegTech ecosystem in Singapore is relatively small, Chye Kit shared that it is growing in size and encouraged the participants to consider RegTech as a niche and a very viable option should anyone wishes to enter the market. There is definitely room for further growth of RegTech in Singapore and other Asian jurisdictions.
We would like to thank ISCA and FinTech Academy for putting this session together, giving us an opportunity to share with the participants the benefits of emerging RegTech industry.
We are also grateful that Amazon Web Services (AWS) who kindly hosted the segment on Digital Risk and shared with the participants various security features available on the amazing AWS platform.
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.
Website: www.cynopsis.co Twitter: https://twitter.com/cynopsiss LinkedIn: https://sg.linkedin.com/company/cynopsis-solutions Facebook: https://www.facebook.com/cynopsis.co/