It was a long trip, but one definitely worth making, as we gather our thoughts and impressions from the recently concluded FinTech Abu Dhabi event, held from October 21 - 23 and organised by Abu Dhabi Global Market (ADGM) with support from the global innovation platform – Unbound.
The festival brought together 13 FinTech Unicorns, over 4,000 global and local Financial Institutions (FIs), FinTech start-ups, investors, regulatory agencies and provided a networking platform for the business community focused on FinTech developments in the Middle East and North Africa (MENA) region as well as internationally.
Our CEO and Co-Founder, Chionh Chye Kit was on hand to share his insights and expertise as he participated in a panel titled “SUP-TECH, REGTECH & FUTURE OF COMPLIANCE”. Along with other esteemed panelists, he led a fruitful discussion which focused on the future of the SupTech and RegTech spaces, the innovative developments emerging from them and the challenges that present themselves as a consequence of the ongoing rapid development.
The panelists talked about their experiences (positive and negative) incorporating the latest technology solutions for regulatory compliance and supervision and shared their thoughts on artificial intelligence, machine learning and big data analytics and the competitive edge they give FinTech over traditional FIs who may have underinvested in technology in recent years. They also spoke on the burden of expectations stemming from the possibilities that today’s technology advancements offer, as with their development in regards to the deepening of customer due diligence processes, the FIs are seemingly taking on a role similar to that of law enforcement agencies. These advancements have also had an impact on the Compliance Officer, who is now, more than ever, required to possess and stay up-to-date with the technological knowledge and the backend processes of the software solutions they are required to utilise.
Overall, we are happy to conclude that the event as a whole was a success and we would like to thank the organisers for giving us the opportunity to gain valuable insights into the financial space of the MENA region. We look forward to returning next year and furthering discussions on all things compliance-related.
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 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.