Cynopsis Solutions’ participation at the Singapore FinTech Festival (SFF) 2020 has successfully come to an end after a week-long series of virtual events from 7 - 11 December!
The world’s first week-long round-the-clock, hybrid physical and digital event had covered a total of over 240 hours of world-class content, with more than 40 global satellite events, and featured a staggering number of 800+ global speakers.
Co-exhibition with Singapore FinTech Association (SFA)
This year, our team had the opportunity to co-exhibit with Singapore FinTech Association (SFA) under the Singapore Pavilion, where we had an exceptional networking experience with the event participants across the globe at our virtual booth, and received an overwhelming interest in our range of RegTech solutions that are designed to help our global clients simplify their compliance and regulatory processes, in particular know your customer (KYC), Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
AI Demo Day @ Bridge+
During our 5-day involvement in the SFF, we were also invited to the AI Demo Day @ Bridge+ on 10 December, that was jointly organised by MAS AI Development Office and Bridge+, where two of our sales representatives were present at the physical event to pitch on the main stage to a total of 30 attendees consisting of financial professionals, management from the Financial Institutions (FIs) and venture investors. The AI Demo Day was also broadcasted live on the official SFF platform - Online City for attendees who were unable to attend the physical event, to catch a glimpse of the presenters. Besides the pitching session, our sales representatives also had a wonderful time networking and showcasing our solutions to the event attendees.
Our Sales Managers, Ethan and Isabel representing Cynopsis Solutions at the AI Demo Day
Panel Session @ Talent Summit
Chye Kit paneling at the Talent Summit, alongside other veterans in the FinTech industry.
Apart from AI Demo Day, we were also invited to a panel session moderated by Mélisande Mual, Managing Director of The Paypers, at the Talent Summit where Chye Kit, alongside Diana Parades, CEO and Co-Founder of Suade Labs, and Darius Liu, CEO and Co-Founder of iSTOX, were invited to discuss on the topic, The acceleration of RegTech: What’s next in 2021.
The Outlook of RegTech in 2021
According to Thomson Reuters fifth annual survey on Fintech, Regtech and the role of compliance, 70% of firms reported that the Covid-19 pandemic had increased their reliance on technological solutions, rising to 81% in the global systemically important financial services institutions (G-SIFIs) population, which explains the accelerated demand for technological solutions. In the upcoming 2021, Chye Kit expressed a positive outlook for the RegTech industry as more players are entering the technology adoption trend.
Both Chye Kit and Diana agreed that with one-directional increment of regulatory requirements coming from the regulators, as well as a soaring number of tech-savvy fraudsters, leveraging on RegTech will help to divert resources from manual and tedious processes and enhance information security and accuracy of transaction monitoring.
Challenges of Introducing RegTech Solutions into the Market
There are different challenges when we introduce our solutions to different sectors as they have different sets of requirements to comply to. Ultimately, as quoted by Chye Kit, regulated entities must be able to set preventive and detective controls in their compliance process in order to achieve a sound risk-based approach. Digital onboarding sets the first-line preventive control but it is insufficient to stop bad actors from conducting fraudulent activities. The subsequent activities after digital onboarding are the settling factors hence, ongoing due diligence and transaction monitoring would then set in as the detective measures to deter the bad actors from achieving their motives.
At Cynopsis, our cost-effective, secured, scalable and end-to-end compliance solutions (ARES - Digital Onboarding, ARTEMIS - E-KYC and ATHENA - Transaction Monitoring) would be able to provide preventive and detective controls for all entities’ compliance framework.
To conclude the entire panel session, Chye Kit accentuated that RegTech solutions will only be beneficial if information security and data protection and IT infrastructure are built on industrial-strength otherwise the effect will be opposite. In Government to Government context, he envisioned that the future RegTech space should practice cross-jurisdictional harmonisation and mutual recognition of standards across countries. The future of RegTech should not only cater to the big players to minimize their legacy inefficiencies, it should also be made more readily available across all regulated entities including the smaller players.
As the fifth edition of SFF draws to a close, we are extremely grateful to have the opportunity to once again participate at this prominent event, and we look forward to joining this annual event next year in 2021!
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. Cynopsis.co | Twitter | LinkedIn | Facebook | Instagram