Last Thursday on 1st July, Chye Kit was invited to teach at one of the sessions in the newly launched programme, FinTech Disruption for the Future of Finance, launched by the Nanyang Technopreneurship of NTU.
To help the future aspiring RegTech leaders navigate the dynamic nature of the RegTech environment in the long term, Chye Kit touched base on many aspects of the RegTech industry, including the key concepts of RegTech, the rise of RegTech, and the promising future of RegTech moving forward.
The main objective of the module covers the digitisation journey for all the big players down to the traditional players including FinTech startups and SME sectors, how they manage to put down their legacy system to go onboard the digitisation journey, and incorporating technology into their daily scope of work.
Here’s a high-level overview of what was covered in the 3-hour session. Starting off the module session, Chye Kit gave the students a brief introduction to the regulatory landscape in Singapore, and how RegTech is actually a means to an end and its existence to serve a purpose, which is for a better regulatory outcome for all players in the financial/non-financial sector. With that being said, as we explore all the wonders of RegTech, Chye Kit also briefly mentioned the complex relationship of RegTech and its legacy systems for the traditional banking sector. In order to advance with the regulatory industry and its ever-changing regulatory curve, digitising cumbersome processes through adoption of RegTech is no longer a good to have but a must have, to integrate it as part of your workflow process and in order to remain competitive in the market.
One interesting section of the session for the students might be the topic on Rise of RegTech, where students get a better understanding of the cutting-edge technologies used for Electronic Know Your Customer (e-KYC), Fraud Detection/Anti-Money Laundering (AML) as well as Counter-Terrorism financing (CTF). Cynopsis Solutions serves all 3 aspects with Ares (Digital User Onboarding), Artemis (e-KYC), and Athena (AML/CTF).
We certainly hope that this session has inspired and spur many interests of the students to join us in this RegTech journey and opened up a positive perspective and experiences for what’s coming in the future of RegTech.
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.