On the 16th of November 2017, the Monetary Authority of Singapore (MAS), together with the Association of Banks in Singapore (ABS), bestowed upon Silent Eight a prestigious MAS FinTech Award in recognition of their innovations in FinTech – primarily driven by artificial intelligence based solutions for countering money laundering and terrorist financing. Silent Eight came in 2nd position of the Singapore Open category, sharing the podium with FlyWire in 1st place and Instarem in 3rd
The Monetary Authority of Singapore is the Central Bank of Singapore and primary financial regulator. It is responsible for exchange rates, foreign reserves and banking liquidity, as well as supervision of every financial institution in Singapore. The Association of Banks in Singapore represents Singaporean banks and works jointly with regulators to ensure a balanced and healthy financial system.
The awards were presented during the 2017 Fintech Festival, which is estimated to have received up to 25,000 visitors – an incredible number that represents growing interest in FinTech.
With over 300 submissions this year, the winners were chosen by a panel of 11 judges, consisting of local and international industry experts. Impact, uniqueness and creativity were some of the evaluation criteria used to pick the winners.
Having also been featured earlier this week in the KPMG & H2 Ventures Fintech100 list in the top 50 emerging companies in Fintech, Silent Eight is strongly committed to the philosophy of leveraging artificial intelligence against money laundering and terrorist financing. Our successful implementation at OCBC bank of Singapore has attracted strong interest from banks that are looking for ways to improve their own procedures against money laundering and terrorist financing. To this end, we are happy to announce that we have been contracted by Standard Chartered bank to implement our artificial intelligence powered solutions at their facilities.
With several awards received in the past few weeks, we are more pressured than ever to continue our passionate pursuit for artificial intelligence. We are rewarded everyday not just by regulators, but also by the knowledge that we are actively helping prevent actual crimes that affect millions of people around the world.
For us, a successful intercept can mean that a terrorist will be financially disabled and rendered incapable of procuring weapons, thus protecting countless innocent lives. A successful intercept could also mean that money laundering activities were exposed – leading to further exposure of criminal syndicates behind these activities – they can be drug dealers, human traffickers or corrupt officials moving stolen public money. We see every one of these intercepts as a win for humanity as a whole. The awards that we received acknowledge that our solutions are really making a difference – and we could not be prouder.