Silent Eight in the FinTech 100
The Fintech100 is a compilation of leading innovators from the FinTech industry from around the world. Presented by KPMG and H2 Ventures, the 2017 list features companies from 29 countries – bringing to light how important innovation has become to the FinTech industry throughout the modern world.
The companies featured on the list are aiming to move the current practices from yesterday’s technology to tomorrow’s technology – with some opting for revolutionary transformations while others clinging to evolutionary ones.
Fintech100 consists of two parts, one is a list of the top 50 established fintech companies and the other is a list of 50 emerging companies – players that recently joined the field, bringing with them state-of-the-art technologies and novel approaches to solving problems.
The standards that were used to evaluate companies and rank the include how much capital they have raised and how quickly, their geographic area of coverage, categoric coverage and a special X-factor – representing the degree of innovativeness and applies only to the emerging 50.
This year’s list highlights many developments in the fintech world, this year’s list highlights. Amongst these developments, we see two strong trends building momentum and leading to the greatest degree of change in fintech.
First is that banking is becoming an increasing global service. Banking clients have growing expectations – and having full access to their banking services, with the same standards they are used to at home, is no longer optional and no longer exclusive to private banking clients.
The second is the emergence of data as the heart and soul of fintech. If a financial services business is to thrive, then it must utilize contemporary solutions that enable it to handle and use its data effectively. More often than not, the effectiveness of these solutions can make or break the competitive edge, and this is of particular importance in highly competitive fields like financial services.
Silent Eight is proud to be included in the Fintech100 for 2017 within the emerging 50 – as one of the enablers to keep an eye one for the future. There are strong reasons why we are passionate about what we do. To quote the CEO of Silent Eight, Martin Markiewicz: “Every time we get into production, we stop financial crime, we stop money from flowing to be used for illegal arms purchase or to finance some terrorist activities, that’s one way of being rewarded for what we are doing.” It is that sense of making a positive difference to our world that keeps us moving forward with persistence.
Our technologies are built around artificial intelligence, and are meant to empower banks with potent tools to help them counter money laundering and terrorist financing. We have already implemented our solutions at OCBC – a leading bank from Singapore, and we have commenced implementation with Standard Chartered bank, which has global operations. The formula that we use presents the user with a friendly way to efficiently and thoroughly analyze exceptionally large and complex volumes of data using deep learning. This reduces the workload involved from hours to seconds – something that makes both banks and their clients happy.