Cynopsis Solutions is delighted to attend Wowoo Exchange’s #CryptoThirstday event last evening. Our CEO, Chye Kit, was invited to join the panel discussion to share his thoughts about the future of the regulatory landscape of cryptocurrency in Singapore with a panel of industry experts.
Chye Kit, together with the rest of the esteemed panellists, discussed topics on how the regulatory landscape has changed and will continue to evolve, the importance of regulatory compliance in cryptocurrency and how do compliance vendors play a part in regulations. Finally, the panellists each shared their thoughts on the upcoming Payment Services Act and how it will affect companies involved in this area.
Chye Kit shared that compliance vendors like Cynopsis Solutions, aim to help companies in both financial and non-financial sector to streamline and automate their Know-Your-Customer (KYC) and Anti-Money Laundering (AML) practices to ease the burden of regulatory compliance from the firm. In particular, small companies like startups in the FinTech and Cryptocurrency sectors face difficulties in keeping up with the ever-changing KYC and AML guidelines. Allocating sufficient resources to meet the huge amount of compliance effort required is also a challenge for these technology driven company, whose specialisation lies in technology innovations and not compliance.
By utilising technology, Cynopsis Solutions revolutionise how traditional KYC and AML is done. We coupled our deep regulatory knowledge with the used of Artificial Intelligence and Machine Learning to help companies increase their compliance efficiency and accuracy, by reducing the potential room for errors and vulnerability with stringently tracked and monitored information. We ease the process of client onboarding by providing a digital onboarding solution, which utilises liveness test and optical character recognition to do a facial and identity verifications.
These help companies to gain a competitive edge by always staying ahead of regulatory changes.
We would like to thank Wowoo Exchange, our partner, for inviting Chye Kit and Cynopsis Solutions to the fruitful #CryptoThirstday, where we gained deep insights from professionals and industry experts on the future of the regulatory landscape of cryptocurrency.
About Cynopsis Solutions
Cynopsis Solutions was established in Singapore in 2014 and offers regulatory technology (RegTech) 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 recognised 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.