Story image

Singapore-based AI startup scoops Australian RegTech award

30 May 2018

Singapore-based AI startup Silent Eight has won the top spot at the RegTech Association Australia’s inaugural pitch fest this year.

Silent Eight’s artificial intelligence-based tools help financial institutions combat money laundering and terrorism financing.

According to Silent Eight’s website, it has a passion for AI and a relentless drive to revolutionise the science of due diligence.

“To that end, we have invented a groundbreaking system with Artificial Intelligence at its heart, powering through with Machine Learning. Our system has proven so effective, we are working with a number of larger banks and financial institutions to give them a powerful tool to combat Money Laundering and Terrorism Financing.”

Silent Eight CEO Martin Markiewicz says the company is honoured to receive the #ACCELERATE RegTech pitch fest award.

“This award endorses our proven proposition in helping financial institutions to leverage AI to combat money laundering and terrorist financing,” he says.

“We strongly believe that innovation in AI technology has a transformative effect on banking services and we look forward to working closely with banks in Australia so they can benefit from our powerful technology.”

 Silent Eight edged out other finalists from Asia Pacific, Europe, the United States and The UK at the event, which was held in conduction with the RegTech Association’s maiden #ACCELERATE RegTech 2018 event in Sydney.

The event aimed to showcase innovative solutions where regulatory technology (RegTech) could be used to address regulatory challenges and problems.

Three other finalists were awared honourable mentions for their offerings. They include Auraya, a specialist biometric voice verification technology developer; Quantexa, a big data and analytics firm; and Registry Direct, a platform to streamline share registry management.

RegTech Association chair Julian Fenwick congratulates all finalists for their entries.

“We had tremendous interest from RegTechs around the world to come to Sydney and pitch their business to potential customers – Australia’s banking sector which contributes $140 billion to GDP each year,” Fenwick notes.

“These were world-class propositions that can address an ever-growing problem. Juniper Research predicts that RegTech spending globally will hit approximately US$76 billion in 2022, up from around US$11 billion in 2017, as banks try to avoid costly regulatory fines.”

He says RegTechs have many opportunities to help financial firms meet regulatory obligations with speed, accuracy and transparency that stakeholders expect.

Fenwick also thanks pitch fest judges Michelle Deaker of One Ventures, Melissa Widner from NAB Ventures, Deloitte’s Mandy Green and David Michayluk from the University of Technology Sydney Business School.

Microsoft urges organisations to tackle data blindspots
Despite significant focus placed on CX transformation, over a third of Australian organisations claimed that more than one in five of their projects failed.
Raising the stakes: McAfee’s predictions for cybersecurity
Security teams and solutions will have to contend with synergistic threats, increasingly backed by artificial intelligence to avoid detection.
Renesas develops 28nm MCU with virtualisation-assisted functions
The MCU features four 600 megahertz CPUs with a lock-step mechanism and a large 16 MB flash memory capacity.
DOCOMO ranked world's top mobile operator in 5G SEP applications
NTT DOCOMO has been ranked the world's leading mobile operator in terms of applications for candidate standard-essential patents.
Exclusive: Ping Identity on security risk mitigation
“Effective security controls are measured and defined by the direct mitigation of inherent and residual risk.”
CylancePROTECT now available on AWS Marketplace
Customers now have access to CylancePROTECT for AI-driven protection across all Windows, Mac, and Linux (including Amazon Linux) instances.
Gartner’s top 10 data and analytics trends for 2019
Data is the fuel for the modern world, and analytics the engine. Gartner has compiled the top 10 trends to watch this year.
How CIOs can work with colleagues to drive new competitive advantages
"If recent history has taught us anything, it’s that the role of the CIO is always changing, and that it won’t stop changing anytime soon."