Singapore FinTech Association (SFA) has joined forces with Thomson Reuters to fight financial crime.
Thomson Reuters and the regulator will work on projects and initiatives contributing to the development of the FinTech industry in Singapore. The collaboration will involve working closely with financial institutions, local universities and startups, focusing on leveraging emerging technologies to solve issues around financial crime.
Chia Hock Lai, President of the Singapore FinTech Association said, “Financial crime is a serious and growing issue for businesses in every industry. The Singapore FinTech Association is delighted to partner with a world-class organisation such as Thomson Reuters to find ways to tackle it together.”
In its recent True Cost of Financial Crime report, Thomson Reuters estimates that companies lose $1.45trn in turnover globally from this issue, with estimated losses in Asia-Pacific amounting to approximately $166bn.
The parntehsip joins the technical expertise based in the Singapore unit of Thomson Reuters Labs with the network of the Singapore FinTech Association.
Launched in early 2017, Thomson Reuters Labs in Singapore leverages Asia’s innovation and FinTech ecosystem to ‘drive experimentation and fuel collaborative projects’.
Sanjna Parasrampuria, head of Thomson Reuters Labs, Asia Region added, “Thomson Reuters new collaboration with the Singapore FinTech Association supports our focus on fostering open innovation and we are excited to be solving real-world problems as a part of the regional ecosystem. Financial crime remains a huge issue globally as well as in APAC, however we believe emerging technologies will help to find new solutions to combat this widespread problem.”
Last month, Thomson Reuters expanded its service to help the financial sector comply with the new AnaCredit European lending regulation. To help organisations comply, Thomson Reuters has expanded its Verified Entity Data as a Service with the AnaCredit service. The new regulation module exclusively focuses on assisting firms to comply with the Counterparty Reference Dataset requirements of the AnaCredit regulation, delivering and maintaining the information that must be reported each month on the institutions’ counterparties.
The company also recently expanded its Connected Risk software platform by launching compliance management, and formed a partnership with Bengaluru-based IBSFINtech, which provides a corporate treasury management solution.
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