It was another panel discussion well-concluded yesterday with many esteemed industry leaders coming from all over the world participating in the panel moderated by our CEO and Co-Founder, Chionh Chye Kit. The Panel - How RegTech Is Shaping Compliance, is one of the many interesting panels that took place yesterday at the 2020 RegTech Summit organised by RegPac Revolution.
The hour-long panel was focused mainly on the evolution of Regulatory Technology (RegTech), and how RegTech is shaping risk management functions in the digital age. In this day and age where regulations are ever-increasing and organisations are trying their very best to remain compliant whilst staying competitive, RegTech is no longer a good to have, but a must-have. The panel kick-started with Chye Kit asking the panelists a few questions revolving around the topic of today’s panel. The panelists then moved on to a high-level discussion where they discussed and shared their thoughts on the way RegTech has evolved since the term was first introduced by the Financial Conduct Authority (FCA) in the United Kingdom back in 2017. Fast forward to today, many companies are starting to have better acceptance of technologies as organisations are increasingly adopting Artificial Intelligence (AI) to meet their regulatory requirements, as they start to have a better understanding of the limitations and the possibilities that technologies offer as compared to 3 years ago.
Another highlight of the panel session was the topic on the learning points for smaller industry players to pick up and embrace the digital age especially this year with the pandemic disrupting the economy. In order to stay relevant and competitive, automation and digitisation is critical for both small and large companies, not only that, but being able to maintain and sustain the digitisation is also crucial. Last but not least, the panelists also actively discussed Digital Identity, something that is becoming increasingly common these days. GovTech has expanded the use of MyInfo, allowing public sectors to effortlessly retrieve residents’ digital identities through MyInfo in a safe and secure manner. The panelists also discussed how information can be shared more seamlessly across borders in a Government to Government level as digital onboarding goes way beyond just Singapore The hour-long panel session finally ended with the panelists sharing about the future of RegTech in 2025.
We would like to thank RegPac Revolution once again for having us on this panel discussion as we are extremely glad to not only share our views with the audiences but also, at the same time exchange and learn valuable knowledge from the table of esteemed panelists.
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.