SecurityBrief Asia logo
Asia's leading source of cybersecurity and cyber-attack news
Story image

Singapore-based AI startup scoops Australian RegTech award

By Sara Barker
Wed 30 May 2018
FYI, this story is more than a year old

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.

Related stories
Top stories
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Migration
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
DDoS
NT selects Radware to improve telecom cyber defenses
National Telecom Public Company (NT) has chosen Radware to strengthen the cyber defences of its international telecommunications infrastructure.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Phishing
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
Artificial Intelligence
AI-based email security platform Abnormal Security valued at $4B
"A new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks."
Story image
Workato
Workato unveils enhancements to enterprise automation platform
"The extra layer of protection with EKM, zero-logging, and hourly key rotation gives customers a lot more visibility and control over more sensitive data."
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
Training
Fortinet training edges toward closing cybersecurity gap
The Fortinet Training Institute has made significant progress in closing the cybersecurity skills gap, on track to train one million people by 2026.
Story image
Artificial Intelligence
Updates from Google Workspace set to ease hybrid working troubles
Google Workspace has announced a variety of new features which will utilise Google AI capabilities to help make hybrid working situations more efficient and effective.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Malware
New vulnerabilities found in Nuspire’s Q1 2022 Threat Report
“Threat actors are quickly adjusting their tactics and these exploits tend to get industry attention, but the threat posed by older and attacks still persists."
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from IronNet
Michael Ehrlich joins us today to discuss the history of IronNet and the crucial role the company plays in the cyber defence space.
Story image
ChildFund
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Remote Working
How zero trust and SD-WANs can support productive remote working
The way people connect with applications and data has changed, users are remotely accessing resources that could be stored anywhere from a corporate data center to the cloud.
Story image
Digital Transformation
Physical security systems guide the hybrid workplace to new heights
Organisations are reviewing how data gathered from their physical security systems can optimise, protect and enhance their business operations in unique ways.
SonicWall
Find out how you and your business can prevent being caught out by everything from ransomware to cryptojacking.
Link image
Story image
Cybersecurity
Hard numbers: Why ambiguity in cybersecurity no longer adds up
As cybersecurity costs and risks continue to escalate, CEOs continue to struggle with what their investment in cyber protection buys. Getting rid of ambiguity becomes necessary.
Story image
BeyondTrust
BeyondTrust integrates Password Safe solution with SailPoint
BeyondTrust has announced the integration of BeyondTrust Password Safe with SailPoint identity security offerings.
Story image
Digital Transformation
How to modernise legacy apps without compromising security
At a time when digital transformation has become central to business, even the most important applications come with a ‘use-by’ date.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Ivanti
Ivanti and Lookout bring zero trust security to hybrid work
Ivanti and Lookout have joined forces to help organisations accelerate cloud adoption and mature their zero trust security posture in the everywhere workplace.
Story image
Ransomware
Ransomware hits 65% of organisations in Singapore
Next-generation cybersecurity firm Sophos has released its annual survey and review of real-world ransomware experiences in the State of Ransomware 2022.
Story image
Cybersecurity
The 'A-B-C' of effective application security
Software applications have been a key tool for businesses for decades, but the way they are designed and operated has changed during the past few years.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Ransomware
Zerto unveils updates to ransomware recovery capabilities
"Organisations face increased risks from the volume and sophistication of ransomware attacks prevalent today."
Story image
Artificial Intelligence
ForgeRock releases Autonomous Access solution powered by AI
ForgeRock has officially introduced ForgeRock Autonomous Access, a new solution that uses AI to prevent identity-based cyber attacks and fraud.
Story image
Cybersecurity
Managed service providers: effective scoping to avoid costly vendor pitfalls
Managed security services are outsourced services focusing on the security and resilience of business networks.
Story image
VPN
Palo Alto Networks says ZTNA 1.0 not secure enough
Palo Alto Networks is urging the industry to move to Zero Trust Network Access 2.0 because previous versions have major gaps in security protection.
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
SaaS
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
Phishing
KnowBe4 celebrates reaching 50,000 customers worldwide
KnowBe4 has reached the milestone of 50,000 customers, adding nearly 2,500 in the first quarter of 2022 alone.
Story image
Cybersecurity
Noname Security partners with Netpoleon to target API issues
Specialist API security firm Noname Security has appointed Netpoleon as its distributor in Australia and New Zealand.
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Artificial Intelligence
How to ensure ethical deployment of AI implementations
The increase in automation and machine technology such as AI and machine learning has unlocked a whole new level of scale and service to organisations. 
Story image
Cybersecurity
CyberArk launches $30M investment fund to advance security
CyberArk has announced the launch of CyberArk Ventures, a $30 million global investment fund dedicated to advancing the next generation of security disruptors.
Story image
Data Protection
Managed Service Providers key to customer data protection
Frequent cyberattacks in the ASEAN region drive the demand for MSPs that can deliver purpose-built security solutions for SME customers.
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.