In April 2020, Monetary Authority of Singapore (MAS) launched a $90m training support package to encourage eligible FinTech companies and financial institutions to upskill their employees during the COVID-19 pandemic.
As part of Cynopsis Solutions’ continuous effort to deepen and enhance the skills of our employees, we are extremely heartened by MAS’ commitment to grow the competency of the Singaporean core workforce within the FinTech sector in particular. As such, we have been actively sending our employees to undergo various training courses accredited by the Institute of Banking & Finance (IBF).
Under the MAS support package, more than 400 IBF-accredited courses have been made available on e-learning channels. Amongst which, we have specifically engaged the International Compliance Association (ICA) to provide a 6-hour training course on Know Your Customer (KYC) and Customer Due Diligence (CDD) for 10 of our eligible employees in Singapore comprising the Sales, Client Service and Technology department. Upon completion of the 6-hour training course, the participating employees are awarded the ICA certificate in KYC and CDD, where they are now equipped with an in-depth understanding of the key concepts and fundamental principles of KYC and CDD.
In order to gain an in-depth knowledge into Compliance, we have enrolled a Product and Compliance Associate in ICA Advanced Certificate in Regulatory Compliance (Advisory). As a RegTech company, we believe that it is important for our team to be equipped with the right regulatory knowledge through formal training with reputable organisations such as ICA.
“Cynopsis Solutions is a forward thinking organisation. They are working hard to make Cynopsis Solutions a great place for great people to do great things. And they are investing in their staff, developing knowledge and skills so that they in turn can be of even greater value and relevance to their own customer base. Working with Cynopsis Solutions to help them realise the potential of their staff has been great. We understood very clearly the learning ambitions of Cynopsis Solutions and made sure that the programme was suitably tailored to meet their needs. Know your customer and customer onboarding is such an important aspect in the management of financial crime risk and we made sure that the workshops brought the content alive and was made relevant to the individuals and their roles and responsibilities.” Helen Langton, CEO ICA Asia Pacific.
Last but not least, two of our Marketing team members also have successfully completed a 3-day Fast Track Digital Marketing course by another IBF-accredited course provider.
At Cynopsis Solutions, we recognise the importance of human capital and the need to invest in our employees to constantly upgrade their relevant skills and knowledge. As a prestigious compliance course provider, ICA serves as an excellent platform for our employees to undergo training in the compliance courses and upskill essential compliance knowledge within their fields.
“The course has helped me gain a better understanding of the KYC and CDD requirements that my client needs to comply with based on their sector. It has also enabled me to better relate back to how our products are able to tackle their compliance pain points and help them fulfil their KYC/CDD obligations through our AML/eKYC solutions.” noted Mr. Ethan Cheong, Sales Manager of Cynopsis Solutions, who was one of the employees who attended the training course on KYC & CDD.
“As our company serves worldwide clients and the compliance world changes at a very fast pace, this course provides me knowledge in international regulation, practical skill to manage the risk and what is the compliance practice around the world.” noted Ms. Soh Shihui, Product and Compliance Associate of Cynopsis Solutions.
It is also worth mentioning that most recently, Cynopsis Solutions was featured in a blog article by the IBF, titled “How To Keep Your Team of Millennials Engaged Remotely”. The article is a collaborative effort between Cynopsis Solutions and the IBF where it covered how we, as a RegTech firm, took on various initiatives to ensure that we continue to keep our business going during COVID-19 and most importantly, how we commit ourselves to invest in training to develop human capital within our firm.
To read more about our exclusive featuring on the IBF Blog, as well as the useful advices shared by our CEO and Co-Founder, Mr. Chionh Chye Kit to fellow FinTech firms and financial institutions in Singapore, click on the link here.
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.