The FT has seen regtech as one of the fastest growing areas of fintech with a surge of applications to their Future of Fintech awards; new regulations such as the EU’s Mifid II rules, increased compliance and KYC checks by financial institutions looking for more cost efficient ways to verify customers has helped to bring new startups into the market; fintech has moved well beyond lending and the diversification of the market continues to grow. Source.
At Fintech Nexus 2022 in New York City, industry figures discussed partnerships, starting from scratch, and what comes next.
As underwriting turns toward AI, experts agree if credit solutions have a hope of meeting their potential, alternative data is vital.
Cybercrime is a growing problem with ID theft hitting a record high in 2016 affecting 15.4 million people; Credit card fraud resulted in $21.84 billion in losses across the world; synthetic identities are a top risk for the banking industry and banks need next-generation KYC tools to protect themselves. Source
The offering streamlines Web3 business' ability to maintain KYC compliance in the US as they navigate the regulatory landscape.
A consortium of banks including OCBC Bank, HSBC and MUFG along with Infocomm Media Development Authority completed a KYC blockchain proof of concept; the development can make KYC more secure and efficient, as well as help to crack down on money laundering. Source.
Fintech solutions are helping to lower the barrier to entry for women in emerging markets and the tools are beginning...
The current crisis has highlighted some of the key areas where banks fall short with their customers; while writing in...
Encompass Corporation is a Know Your Customer (KYC) solutions firm; for 2019 they found that there were 58 AML-related breaches...
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Companies like Hummingbird and Babel Street are successfully applying new technologies to improve the efficiency of long-cumbersome aspects of compliance.