It was great to witness many young aspiring and passionate students who aim to strive and succeed in the world of finance at the 2021 Singapore Student Industry Field Trips (SIFT) held at Nanyang Technological University (NTU). During the 1-hour sharing session, Chye Kit gave the students an overview of the regulatory landscape in Singapore, the challenges, emerging trends, and also some career development opportunities in this industry.
The session started off with Chye Kit talking about RegTech by engaging the students with a very interesting question. “Does the horse represent regulation or technology? Does the carriage represent regulation or technology?”
Did you get it right? The carriage and the wheels actually represent technology, the guy riding the horse is the regulator that controls the direction which the financial sectors would like to move towards, and the horse can be the enabler. Whilst they all represent different elements, Chye Kit has pointed out that regulation and technology are tightly intertwined and are closely related.
After warming up the students, Chye Kit began introducing the term Regulatory Technology (RegTech) by explaining more about their characteristics and outlining the various verticals of RegTech. With the ever-increasing global regulatory requirements in place, it is essential for firms in the regulated industries to adopt good practices such as (1) Regulatory Reporting to regulators which can be simplified and made smoother by using API integrations by plating all processes into a single platform, and (2) Risk Management by leveraging on Artificial Intelligence (AI), Machine Learning and Data Analytics to ensure that they keep pace with the evolving regulations and operate within the laws and guidelines set out by the regulators.
Speaking of RegTech trends, Chye Kit also mentioned that there has been a shift in trend recently since the pandemic outbreak as businesses are now switching up their processes, and rushing to engage their customers digitally. With that being said, there are still things that cannot be replaced by technology such as consultant work as there is a certain literature and thinking process needed that only humans are capable of performing. Building a level of trust between people and providers is also extremely crucial. This can definitely not be compromised even with the adoption of technology.
In Singapore’s regulatory framework, considering RegTech as a career path would definitely be thriving as a career choice due to the increasing demand for job positions within the Banks, as well as positions such as funds managers, custodians, brokers, dealers. Apart from these, Singapore has also set its sight on becoming a Smart Nation as the Monetary Authority of Singapore (MAS) commits to shape Singapore into a global leading Financial Centre in Asia via the means of cloud adoption in businesses, which is one of the pinnacles in moving Singapore to a Smart Financial Centre. At Cynopsis Solutions, we strongly advocate RegTech across the globe. If you are one of the like-minded individuals, do embark on this exciting RegTech journey with us! Check out some of the career opportunities that we offer now!
The informative 1-hour sharing session ended with an interactive Q&A session where Chye Kit addressed some of the very interesting questions from the students present at the event physically and virtually. Chye Kit also shared his journey as a compliance officer up till now where he co-founded Cynopsis Solutions as an entrepreneur. Being in the line of RegTech where it is such a competitive space, Chye Kit also mentioned that it is important to remain relevant by constantly keeping abreast of any latest industry updates, trends and regulations so as to ensure that the products and solutions offered are up-to-date, helping clients in the regulated industries to stay ahead of the regulatory curve.
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.