New Digital Self-Assessment Framework promoting a sustainable relationship between FIs and FSPs

Earlier today, Singapore FinTech Association (SFA) hosted a Digital Self-Assessment Framework online webinar for FinTech Service Providers (FSP). Organised by SFA, the online webinar discussed the new framework, which aims to foster collaboration between Financial Institutions (FIs) and FSPs after the Monetary Authority of Singapore (MAS) set up a new digital self-assessment framework as part of the COVID-19 support package.

The webinar started with an opening speech by Mr. Chia Hock Lai, President of SFA and Mr. Branson Lee, EXCO of SFA, followed by a short presentation by the PwC team introducing the Digital Self-Assessment Framework and how it helps FSPs to understand the minimum compliance requirements to operate within the FI industry.

The highlight of the webinar was the panel discussion where Chye Kit, our CEO and Co-founder, along with other industry speakers shared their valuable insights on how to bridge the gap, build trust and foster collaboration between FIs and FSPs. During the panel discussion, the guest speakers touched on various topics such as their views on the new self-assessment framework, the possible challenges faced by FinTech startups when working and partnering together with FIs, useful advice for FinTech startups looking to work with the FIs, and the primary drivers of FIs when considering working with FSPs. The webinar ended with a Q&A session where the panel of speakers addressed the audience concerns regarding the new framework.

We would like to thank SFA for organizing this fruitful e-launch event and the panellists for sharing their knowledge on how the new regulatory guidelines and framework can help foster and allow for a sustainable relationship between FIs and FSPs. We look forward to the opportunities and benefits that the partnership between FSPs and FIs can bring to the table and to the evolution in the financial industry.

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. | Twitter | LinkedIn | Facebook | Instagram