Key trends and opportunities in Asia Pacific
The Harnessing the Power of Regtech in Digital Transformation virtual panel provides industry insights from experts.
Victor Ngo, head of group compliance, United Overseas Bank, said, “While banks and other financial institutions have existing preventative measures in place to tackle financial crime, this technology can bolster their defence against illicit activities.”
Alvinder Singh, deputy director, Monetary Authority of Singapore (MAS), said, “It’s an important part of the ecosystem, especially from a regulator’s point of view. There has been a significant shift during the past few years in this space due to vast volumes of data that could not be synthesised by humans alone and the social impact and reputational risk that come together when a compliance failure occurs.”
Abhishek Chatterjee, founder and chief executive officer, Tookitaki, said, “There are four key trends emerging. The first is increased complexity of regulations across the global, the second is better awareness and education, the third is increasing demand for compliant solutions from fintechs and neobanks, and the last trend is the emerging need for industry-wide collaboration.”
Michael Hom, head of financial services solutions, InterSystems, said, “Digitalisation and the increasing reliance on data for financial services is demonstrating clear benefits of tech-driven compliance monitoring compared to manual processes. Many financial services organisations have learned in recent years that they need a better data strategy. Sanitising data is an important step in leveraging this technology. As an organisation, it’s important to use data appropriately for decision-making, reporting, insights, artificial intelligence, and so forth. Regulatory should now be another component of organisations’ data strategies.”
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