In the News
As the pandemic first spread across the globe, it left behind a trail of financial trauma, enticing financial and cyber criminals to crawl out of the woodwork to capitalize on the damage.
Being at the core of Anti-Money Laundering (AML) and Know Your Customer (KYC) initiatives, customer due diligence (CDD) processes help banks and financial institutions verify their customers and reduce risk factors associated with any transaction. However, some rudimentary challenges emerge during the CDD process owing to data quality, the lack of a centralized KYC database, and complete reliance on the human workforce. Also, financial entities need to adhere to multiple regulatory requirements that demand a varying amount of documentation. Maintaining such a wide range of documents manually is strenuous, time-consuming, and prone to human-induced errors, which often hampers the fiscal stability of an organization.
Standard Chartered’s innovation, fintech and ventures unit, SC Ventures, has participated in a Series A funding round for regtech Silent Eight.
SINGAPORE-HEADQUARTERED regulatory technology (regtech) startup Silent Eight has raised an oversubscribed US$6.2 million Series A round, it said on Wednesday.
British banking company Standard Chartered has partnered with Singapore based regtech Silent Eight to tackle financial crimes.
Big data analytics startups combine deep domain knowledge with cutting-edge artificial intelligence to help companies as diverse as banks and shipping firms solve complex problems.