COVID-19 continues to unfold in Singapore with now greater than 30,400 confirmed instances and over 20 deaths, in accordance with the newest information from the John Hopkins College.
Although the numbers proceed to rise, with 614 new instances of COVID-19 an infection being unveiled simply on Could 22, the federal government is planning to additional ease restrictions beginning subsequent month.
On the financial entrance, the Singapore economic system contracted by 2.2% year-on-year within the first quarter because of the outbreak and the worldwide measures put in place, studies Channel Information Asia. The Ministry of Commerce and Business (MTI) has downgraded its GDP progress forecast for 2020 to between -4% and -1%.
Undeniably, the pandemic has had an infinite affect on all nations and all industries with the toughest hit being small companies and startups.
However in these dire instances, the enterprise group has proven solidarity by creating new merchandise, and providing reductions and free providers to their counterparts.
To do our half on this international effort, the Fintech Information Community might be masking one new promising fintech startup every week to provide them a a lot deserved highlight.
Right this moment, we delve into Silent Eight, a regtech startup leveraging synthetic intelligence (AI).
Silent Eight: AI for identify screening
Silent Eight is an award-winning regtech startup that helps monetary establishments handle their compliance and danger obligations. The corporate leverages AI and machine studying (ML) to enhance the identify screening course of, weed out cash laundering and terrorist financing, cut back manpower and compliance dangers, and allow higher choice making.
Silent Eight’s know-how is able to digesting petabytes of knowledge concurrently and makes use of ML algorithms to display consumer entities towards sanctions lists, felony data, courtroom instances and different private and non-private information.
Not solely does the answer present monetary establishments with extra related data, it additionally considerably lowers the probabilities of inaccuracies, enhances the safety of transactions, and frees up analysts’ time to allow them to deal with extra sophisticated alerts that require human intervention.
On-demand AI for KYC and AML
Most just lately, the corporate launched a brand new business model that made its award-winning identify screening AI accessible as a cloud-based, on-demand service with no minimal or contract.
The AI, which is historically customized constructed for big banks to unravel identify and entity alerts, is now for the primary time accessible to a broader market, due to its business construction that enables prospects to solely pay for the alerts solved, with none annual dedication, the corporate says.
The brand new providing goals to help alert fixing through the pandemic and assist mitigate the enterprise affect of COVID-19 within the compliance area, it says.
The AI is absolutely custom-made and learns from the establishment’s processes and expertise. It comes with military-grade encryption, covers any sort of alert (AM, PEP, sanctions, inner), and has no restrict on geographies or hits per alert. It’s deployable in as few as two weeks.
Silent Eight has waived all set-up prices for configuring its cloud AI as a part of their pledge to assist the Singapore monetary group.
Integrated in 2013, Silent Eight is headquartered in Singapore and has places of work in London, New York, Chicago, and Warsaw. The startup was the winner of the 2017 Fintech Abu Dhabi Innovation Problem, the Financial Authority of Singapore’s 2017 Fintech Hackcelerator award and gained the High Fintech Award in Australia in 2018.
Silent Eight’s backers embody SC Ventures, the enterprise capital arm of Normal Chartered, Wavemaker Companions, and OTB Ventures.
Normal Chartered can be Silent Eight’s greatest consumer and has engaged with the startup since December 2018 to optimize its identify screening course of at scale throughout greater than 40 markets together with the US, the UK, Singapore and Hong Kong.
Silent Eight is now trying to bolster its international presence and says it will likely be bringing in a few new international prospects this 12 months, along with evolving its providing to swimsuit their wants.
Silent Eight is a part of a rising group of tech startups which can be making use of cutting-edge applied sciences to assist monetary establishments improve their regulatory processes.
In 2019, monetary establishments have been fined a complete of US$36 billion for non-compliance with AML, KYC and sanctions rules, a 160% improve over a 15 month interval, in accordance with a research by Fenergo.
Out of the world’s prime 50 banks, 12 have been fined for non-compliance with AML, KYC and sanctions violations final 12 months. Switzerland was the largest offender after a tier one Swiss bank acquired the largest single positive of US$5.1 billion by the French Prison Court docket for AML breaches.