Irish RegTech company Kyckr is set to bring in global banking executive Benny Higgins as non-executive chair.
Higgins, the current CEO of Tesco Bank, group strategy director for Tesco and member of the Tesco executive committee, will start the new role in March 2018.
With over 30 years of experience in the financial services industry, he previously held senior roles in investment management, retail and business banking. He is a former member of the group executive at Standard Life, former chief executive of RBS’ retail bank and former chief executive of retail Business at HBOS.
Higgins said: “I was attracted to the strong commercial potential of Kyckr’s offering and its relevance to the financial services industry. I believe as chair, my experience will help guide the Company in a successful European and US expansion to support the growing needs of customers, and I’m excited to be a part of the ongoing success of the company.”
Kyckr provides technology solutions to help protect against money laundering, fraud and tax evasion. Its clients includes HSBC, Deutshce Bank, Bank of America, BNP Paribas, Danske Bank, and JP Morgan, among others.
It solutions are connected to over 180 regulated primary sources, in over 120 countries, providing real-time company registry information on over an estimated 80 million businesses globally. The company claims its automated technology solution can maintain up to date critical company identity information, in place of the traditional error and fraud prone manual people based processes.
Last year, Kyckr raised about AUS$5m (€3.4m) after listing on the Australian Securities Exchange (ASX) in Sydney.
According to the Global RegTech Review, which was released by FinTech Global last month, there is increased investments in AML and KYC solutions.
Given the increasingly complex requirements placed by regulatory authorities on AML and KYC procedures, along with the heavy fines imposed for inadequate compliance, it is no surprise that 43.99% of the 416 companies analysed in the Global RegTech Review report address these areas of legislation.
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