What happened at SFF 2023? 6 Key Takeways for Financial Crime Experts

Singapore, a hub of global connectivity, recently hosted the Singapore FinTech Festival (SFF), drawing a crowd of approximately 75,000 attendees from across the globe. It saw a big turnout from the continent of Africa. We had the pleasure to host and interact with many Compliance heads and business leaders at the event. This event not only showcased the latest in financial tech but also shed light on the complex world of regulations that demand careful attention.

SFF 2023 Wrap-Up

It was exciting and enriching to meet the business and compliance leaders coming in from various parts of the world. The wealth of experience and insights they shared regarding the dynamically shifting landscape of financial crime compliance proved to be both informative and enlightening. Here is a summary of key takeaways from the event based on that:

Key takeaways

1. Regulatory Expect You to Embrace Cutting-Edge Compliance Technology

A resounding theme echoed throughout the SFF – regulators expect financial institutions to embrace the latest in compliance technology. Notably, institutions from Ghana, Kenya, South Africa, and Saudi Arabia sought cutting-edge AI solutions to meet compliance requirements, especially for screening. The pressure is on for the industry to adopt innovative tools in the fight against financial crime.

2. Fintech's Race To Comply Against Red Flags and Emerging AML and Fraud Threats

For fintech companies, the challenge is to swiftly adapt to new Red Flag indicators (RFIs) set forth by regulators. This urgency is particularly pronounced in payment services, where companies are navigating the complexities of expanding globally and complying with diverse jurisdictions. The need for agility in compliance is a pressing concern for fintech innovators.

3. Banks Are Embracing Advanced Technology for Effective Financial Crime Compliance

A remarkable turnout from African banks at SFF2023 highlighted a shared sentiment among banks: effective risk management is pivotal for growth. They're moving from old systems to next-gen AI technology, with solutions like Tookitaki guiding this transformation. It's not just an upgrade; it's a strategic step into the future of financial crime compliance. For instance, many banks are looking for real-time risk assessment for seamless and risk-mitigated onboarding. 

4. Matching Effectiveness: A Screening Challenge

A common struggle voiced by both banks and fintech companies revolved around the poor matching accuracy of their current screening systems. While access to screening data is abundant, the lack of matching capabilities hampers growth. The quest for more effective screening processes is a priority for institutions aiming to stay ahead of the regulatory curve.

5. Cross-Border Payment Innovations: The Next Phase

In the area of cross-border payments, QR code-based schemes have gained significant traction in the Asia-Pacific region. Regulators, especially in Southeast Asia, are pushing boundaries with new QR code-based corridors between Singapore and Malaysia, as well as Singapore and Indonesia. 

6. Cryptos Under Regulatory Scrutiny

The growing prominence of cryptocurrencies has not escaped the watchful eye of regulators. Traditional financial institutions and crypto businesses alike recognize the importance of regulatory compliance and security. The aftermath of the FTX collapse underscored the critical need for adherence to regulations in the crypto space, signalling a maturation in the industry.

The most sought-after FinCense feature

FinCense is meticulously designed to address the diverse compliance challenges encountered by financial institutions. We distilled the essential features that have captured the attention of numerous fintech companies, particularly cross-border payment firms in our solution:

1

Exhaustive Risk Coverage

Ability to channel the exhaustive risk coverage of the AFC Ecosystem.

2

Simulation Mode

The ability to onboard new scenarios almost 2X faster and comply with new Red flags and threats.

3

Superior Accuracy

Superior accuracy of the screening engine and its ability to support onboarding and cross border transactions in real time.

4

Superior Identity Matching

Comprehensive identity matching of individual and corporate customers beyond just the name.

5

Easy Investigation

Single window investigation of the Case Manager and its ability to investigate customers and not standalone alerts.

In Case We Did Not Meet

If you were not at the SFF2023 or could not meet us at the booth, feel free to book a meeting and catch up with our experts.