Fintech Sees Strong Growth in South East Asia as COVID-19 Skyrockets Digital Adoption

Despite COVID-19 headwinds, Southeast Asia’s digital economy has remained strong and resilient, adding 40 million people into the online space this year.

Munich Re has agreed to cover Ascent’s clients against regulatory risks and fines

With shrinking profits due to the financial impact of the pandemic and increasing regulatory costs, banks are looking to leverage tech to improve their compliance processes—providing a boon for regtechs, with the global market expected to reach $16 billion in 2025, up from $6.3 billion today.

South-East Asia Smart-up funding, Nov 2020

As the COVID-19 pandemic intensified in this end of 2020, the South-East Asia startup ecosystem is forced to adapt to meet the changing landscape. However, while the outlook might have seemed grim, many startups were able to find opportunities for growth, especially in online markets.

Making the Case for Ongoing KYC: Why the time for change is now

If you work in financial services then you’re already aware that knowing your customer (KYC) is not just an essential process, it is also a legal requirement.

Nordic challenger banks and cybersecurity firms were among the 33 FinTech rounds raised last week

These 33 FinTech funding rounds from last week highlight the rise of Scandi challenger banks, the importance of cybersecurity and how competition in the buy now, pay later space is heating up.

Silent Eight announces new funding round as demand surges for technology solutions to tackle financial crime

Singapore, 12 October 2020 – Silent Eight (or “the Company”), the global technology company using Artificial Intelligence (AI) to combat money laundering and terrorism financing, today completes a new round of early-stage funding from global institutional capital, bringing the company’s total capital raised to $15m. The investment round was led by OTB Ventures, the largest dedicated VC firm investing in technology businesses originating from Central and Eastern Europe. It was supported by, among others, Koh Boon Hwee, Chairman and General Partnerof Altara Ventures, and SC Ventures–the innovation, fintech investment and ventures arm of Standard Chartered Bank–underscoring the importance of financial crime compliance for the global banking sector. Allare existing investors of the company.

Follows a $10bn Record Year for Fines for Banking Sector Founded in 2013, Silent Eight was born out of a desire to help solve the human cost of financial crime, using machine-learning technology to screen financial transactions against sanctions lists, criminal records, court cases and other public and private data. The Company’s AI-powered solution helps organizations combat money laundering and terrorist financing, with an auditable technology process to enable transparent compliance with new regulatory obligations and economic sanctions. Last year alone, global financial institutions faced approximately $10 billion fines from supervisory authorities for non-compliance with KYC, anti-money laundering (AML) and sanctions. This compared with $26 billion in the ten years prior. 40% of the non-compliance fines enforced in 2019 were related to trade sanctions, amid trade war escalations and heightened international political tensions. Of the world’s top 50 banks, 12 were fined for non-compliance with AML, KYC and sanctions violations last year.

Silent Eight Doubles in Valuation and Doubles in Scale Today’s fundraise doubles Silent Eight’s valuation from the company’s 2019 Series A funding, reflecting strong momentum with banks and financial institutions across the world. In the aftermath of the Covid-19 pandemic, where up to 90% of banking and insurance professionals are working from home and INTERPOL warning of an increase in cybercrime, financial institutions are investing more in compliance to tackle the financing of organisations behind human trafficking, drug trafficking, terrorism and political corruption. Silent Eight’s solutions are deployed by firms in over 70 countries helping them to reduce these risks. With a team of professionals in New York, London and Singapore -together with a tech R&D centre in Warsaw -Silent Eight enables the world’s largest banks and financial institutions, such as Standard Chartered Bank,to transact with confidence and meet regulatory requirements.

Since the beginning of 2020, Silent Eight has doubled in scale, with more and larger clients added to its roster and a growing pipeline going into Q4. The Company has also successfully built new solutions to help banks to navigate new challenges brought by Covid-19. To address this new dynamic, Silent Eight has launched an on-demand cloud-based AI solution to enable continuous real-time name, entity and transaction screening.

Martin Markiewicz, Founder and CEO at Silent Eight said:

“Every bank and every financial institution aims to provide a bespoke customer experience in a secure and seamless way. As financial criminals get savvier in their techniques, our team’s goal is to provide a unique solution that prevents them from endangering the global economy and profiting fromthose most vulnerable. We are very encouraged to see our investors’ confidence in our product, and we are proud to support our clients in their continued diligence to make the world safer.”

Adam Niewinski, co-founder and Managing Partner of OTB Ventures, said:

“We are thrilled to support Silent Eight through its next phase of growth. Amid the disruption brought by Covid-19, true innovators have emerged even more relevant for the new challenges faced by the global economy. Silent Eight is a testament to the technology talent of Central and Eastern Europe, engineering a first-class AI platform adopted by world-renowned financial institutions.”

Praveen Jain, Head Financial Crime Compliance Surveillance Solutions and Innovation at Standard Chartered Bank, said:

“At Standard Chartered Bank, we are continually investing to be at the forefront of the ever-changing financial crime landscape and our partnership with Silent Eight brings us new cutting-edge capabilities. Every day, Silent Eight’s AI-powered platform is helping our compliance analysts reach decisions faster, while improving quality and consistency in our approach to identifying financial crime risk. The solution has supported us through theCOVID-related challenges, and we continue to explore new ways to leverage Silent Eight in our fight against financial crime.”

About Silent Eight:

Silent Eight is an award-winning RegTech with a singular mission: to eliminate financial crime. Leveraging AI and machine learning to improve the name and transaction screening process, Silent Eight helps organisations combat money-laundering and terrorist financing while reducing manpower and compliance risks. Silent Eight’s solutions are currently in use by Tier 1 banks and financial institutions in over 70 markets.

Silent Eight leverages AI to detect and solve financial crime

StanChart increases stake in AI startup to combat financial crime

Standard Chartered uses the startup’s technology to help insulate it against risks arising from financial crime and money laundering

Moving to a permanent or hybrid remote-working model?

With the global outbreak of the novel coronavirus prompting the largest “work-from-home” experiment in history, many companies are now turning that forced experiment into a permanent reality.

Why B2B Fintechs Are Ready for Prime Time

Until now, consumer fintech has been all the rage, but recent funding rounds and exits might very well indicate that 2020 will be the year of business-to-business (B2B) fintech, according to Patricia Kemp, co-founder and managing partner at venture growth equity fund Oak HC/FT.