This SG regtech firm uses AI to thwart financial crime

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As artificial intelligence gradually filters through to daily life, monumental shifts await the job market.

In short, millions of jobs will become obsolete as the era of AI takes shape, while demand for talent in machine learning, data analysis, and robotics will spike. However, I believe that AI will eventually be a boon for human society as it frees up workers to focus on more creative, strategic, or high-level tasks.

That said, humans don’t stand a chance against AI in certain tasks because the tech analyzes and interprets large amounts of data in real time, helping businesses make more informed decisions and improve efficiency.

Martin Markiewicz, CEO of Singapore-based Silent Eight, goes as far as saying that organizations incorporating his regtech startup’s AI-powered solution to fight financial crimes produces similar benefits to hiring “thousands” of human analysts overnight.

With big-name backers like Standard Chartered and HSBC as well as US$40 million in the bank from a series B round last month, perhaps Markiewicz’s claim isn’t an exaggeration.

Today’s premium story charts Silent Eight’s origin, how the startup is tackling financial crime, and why better times lie ahead. The featured piece also provides an inside look at the firm’s revenue and profitability targets.

Today we look at:

• How this SG regtech firm leveraged AI to win over StanChart and HSBC
• GXS Bank’s latest credit product for underserved consumers in Singapore
• Other newsy highlights such as Better Bite Ventures investing in 4 alternative protein startups in APAC

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Hand in hand with AI

Image credit: Timmy Loen

About 2% to 5% of the global gross domestic product – between US$800 billion and US$2 trillion – is laundered every year. Only 1% of this amount is seized by authorities. Clearly, there’s room for improvement – and that’s where Silent Eight is looking to leave its mark.

Established in 2013, the startup has developed a “ChatGPT for banks” that uses machine learning and natural language processing to aid financial institutions in their anti-money laundering efforts.

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