In 2020, Singapore launched the $12 million Singapore Blockchain Innovation Programme to strengthen and bolster growth in the local blockchain ecosystem. By collaborating with nearly 75 different companies, the programme aimed to conceptualise 17 blockchain-related projects in various sectors. Combined with other efforts established to encourage blockchain development and adoption, Singapore has positioned itself as […]
Read full postAs the adoption of cryptocurrency becomes increasingly widespread, blockchain technology is now something that no business or financial institute can completely ignore. But apart from being a buzzword, what is blockchain technology and why is it becoming more prevalent? The Problem Blockchain Serves to Solve Almost all transactions required an intermediary before blockchain was implemented […]
Read full postThe Monetary Authority of Singapore (MAS) published new guidelines on the provision of digital payment token (DPT) services to the general public on January 17, 2021. MAS considers DPTs, which include cryptocurrencies, to be risky and unsuitable for the general population’s consumption. As a result, the citizens should not be encouraged to trade DPTs, and […]
Read full postIn the Fintech industry, the terms AML and KYC are often thrown around frequently and used interchangeably. While these two terms might sound pretty similar, they refer to different requirements that need to be implemented in order to protect a firm from funds that are used for illegal activities. As it is mandatory for all […]
Read full post2021 has been another year filled with volatility for the compliance landscape. From the rise in financial frauds and cyber crimes fueled by COVID-19, to the spotlight on environmental crimes at COP26, as well as one of the biggest data leaks in the Pandora Papers saga, financial crimes are rapidly evolving, and so are regulations. […]
Read full postDuring the process of onboarding customers, the first step is to check the legitimacy of customers’ data and identity. The customer could be an individual or a company. This process of verification is called Customer Due Diligence (CDD). Failure to conduct CDD will expose the business at a higher risk of illicit activities such as […]
Read full postWhat is Web 3.0 and Why Do We Need it? While the internet is something many of us use daily, the web is not without its flaws. The transition into Web 2.0 (the internet as we know it) heralded the beginning of an internet filled with user-generated content. With social media and enhanced communication applications, […]
Read full postWhy is ESG important? Environmental, social, and governance (ESG) investments are types of socially responsible investing that consider the impact on the environment, its stakeholders, and the planet in addition to the performance of the investment. ESG has started to gain traction in recent headlines and was one of the main topics of discussion in […]
Read full postWhat is Compliance Reporting ? Compliance reporting is a part of the core compliance process. It is a mandatory requirement by regulators to build and maintain compliance reports. The reports are used to assess whether the company has been complying with the regulations and document the current state of the organisation’s compliance posture. Generally, a […]
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