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.

Forget endpoints—it’s time to secure people instead
Security used to be much simpler: employees would log in to their PC at the beginning of the working day and log off at the end. That PC wasn’t going anywhere, as it was way too heavy to lug around.
DimData: Fear finally setting in amongst vulnerable orgs
New data ranking the ‘cybermaturity’ of organisations reveals the most commonly targeted sectors are also the most prepared to deal with the ever-evolving threat landscape.
IXUP goes "post-quantum" with security tech upgrade
The secure analytics company has also partnered with Deloitte as a reseller, and launched a SaaS offering on Microsoft Azure.
ExtraHop’s new partner program for enterprise security
New accreditations and partner portal enable channel partners to fast-track their expertise and build their security businesses.
Hackers increasingly ‘island hopping’ – so what does it mean?
Carbon Black's Rick McElroy discusses this new trend and what it means for the new age of cybercrime.
Trust without visibility is blind – Avi Networks
Enterprises are wanting to gain the trust of their customers, but are often found blindly defending themselves.
How to avoid becoming a cryptojacking victim - Bitglass
Large-scale cryptojacking is a lucrative business due to the popularity and value of cryptocurrencies like Bitcoin and Ethereum.
Symantec, Ixia combine efforts to secure hybrid networks
Ixia’s CloudLens and Symantec Security Analytics now feature complete integration, which allows Symantec customers to gain real-time visibility into their hybrid cloud environments.