We are very excited and proud to announce that after a detailed and rigorous assessment carried out by Infocomm Media Development Authority (IMDA) and supported by Enterprise Singapore (ESG), our flagship KYC/AML Solution - ARTEMIS is now listed as a Pre-Approved Digital Solution under Productivity Solutions Grants (PSG) to help SME clients in Singapore achieve better regulatory outcomes in their digitisation journey.
PSG aims to kick-start companies’ technology journey by automating existing processes and improving productivity. With PSG in place, SMEs who are looking to adopt IT solutions to streamline their compliance processes are now able to do so with Government’s funding support. For example, this will be extremely helpful for the Precious Stones and Metals Dealers (PSMD) sector who have been recently required to comply with more stringent KYC/AML requirements.
Starting today, 8 October 2020, companies who meet the eligibility criteria are now able to get up to 80% PSG funding support when they adopt Artemis to better comply with KYC/AML requirements. Furthermore, companies that are eligible for SkillsFuture Enterprise Credit (SFEC) will be able to receive additional funding support on top of PSG, providing SMEs up to 98% funding support in total!
“The pre-approval of Artemis under PSG signifies 2 key milestones for us. First, a validation that KYC/AML affects a lot of sectors beyond banks. For non-financial services sectors, KYC/AML are often viewed as cumbersome processes that are carried out by regulated SMEs using a combination of manual and analogue efforts. However, with the right automation and digitisation tool, SMEs can overcome this regulatory burden knowing that the Government supports it from a funding perspective and not just plainly throwing the rules at the industry and expecting everyone to comply especially during these pandemic times. Second, being assessed and recognised as a pre-approved solutions provider by IMDA and ESG means that Cynopsis Solutions have become very much an industry leader in what we stand to achieve as a RegTech company founded and headquartered in Singapore”, said Mr. Chionh Chye Kit, CEO & Co-Founder of Cynopsis Solutions.
We are delighted to share the packages available under the pre-approved solutions specially tailored for non-financial sector SME clients. Click here to learn more about our different packages for the relevant eligible sectors (Can be found under Commercial Anti-Money Laundering (ML)/Countering the Financing of Terrorism (TF) Screening).
To find out if your company is eligible for the grant support packages, please refer to the following links below:
Click here to check your company’s eligibility for PSG.
Click here to check your company’s eligibility for SFEC.
We are once again, very excited to be part of the SMEs Go Digital Programme initiative by IMDA, and we hope to see more businesses in Singapore who are looking to solve their compliance pain points, benefitting from our end-to-end globally trusted KYC/AML solution. We look forward to having you onboard with Cynopsis Solutions!
*Terms & conditions apply
SMEs eligible for SFEC will be able to receive additional funding support on top of PSG's funding (up to 80%) that aggregates up to 98% in total.
About Cynopsis Solutions
Founded in 2014 and headquartered in Singapore, Cynopsis Solutions offers RegTech solutions designed to digitise and automate Compliance and regulatory processes, in particular know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards (2018), RegTech100 (2018, 2019) and Financial Times Top 50 High Growth Companies in Asia-Pacific.
Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations, applicable to more than 180 jurisdictions and is already helping more than a thousand B2B customers in the Banking, Financial Services, FinTech and Cryptocurrency, Professional Services and Gaming sectors globally.