In the News

COVID-19 continues to spread in Singapore with now more than 30,400 confirmed cases and over 20 deaths, according to the latest data from the John Hopkins University. Though the numbers continue to rise, with 614 new cases of COVID-19 infection being unveiled just on May 22, the government is planning to further ease restrictions starting next month. On the economic front,…

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,…

Standard Chartered’s innovation, fintech and ventures unit, SC Ventures, has participated in a Series A funding round for regtech Silent Eight. The AI-powered anti-money laundering and counter-terrorism financing startup raised an oversubscribed US$6.2 million in the round, with OTB Ventures and Wavemaker Partners also participating. The capital will be directed at new hires, with plans…

SINGAPORE-HEADQUARTERED regulatory technology (regtech) startup Silent Eight has raised an oversubscribed US$6.2 million Series A round, it said on Wednesday. Capital raised will be used to hire new employees to support its pipeline of customers in banking and insurance. It has almost 50 people employed globally with 20 in Singapore, and plans to double global…

ABU DHABI, UAE, Aug. 28, 2019 /PRNewswire/ — Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to launch the inaugural FinTech Abu Dhabi Awards. The awards will be decided by an independent panel of industry experts and will recognise the contributions of leading figures in the FinTech ecosystem. ADGM welcomes nominations for the…

Hong Kong (CNN Business) – Doing business with the wrong kind of client can be extremely costly for banks. HSBC (HBCYF) had to pay $1.9 billion in 2012 to settle allegations that it allowed international drug cartels to launder billions of dollars across borders. ING (ING) took a $900 million hit in September after admitting criminals had moved money through…

British banking company Standard Chartered has partnered with Singapore based regtech Silent Eight to tackle financial crimes. Under the partnership, Silent Eight, which uses artificial intelligence-based technologies, will deliver new capabilities to the bank’s Financial Crime Compliance (FCC) teams. It will see the deployment of an initiative called Screening Optimisation that will use machine learning…

Standard Chartered has partnered with Silent Eight for its Financial Crime Compliance (FCC) teams, as part of its efforts to fight cybercrime through regtech. Silent Eight, a Singapore-based regtech, specialises in using artificial intelligence (AI) to combat financial crime. Markus Schulz, global head FCC controls, says: “[This investment] complements the core monitoring and screening platforms…

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. AsianScientist (May 23, 2018) – By Sim Shuzhen – When Mr Martin Markiewicz decided to go into the enterprise search business in late 2013, he and his co-founders went all…

SINGAPORE — Singapore is expanding international cooperation, even with rivals, in financial technology as it strives to maintain its position as a leading financial hub in Asia. As Asia’s financial centers compete to be the most advanced fintech hub, Singapore knows that building international infrastructure is fundamental to winning the race. In the latest tie-up, the…