FOCUS ON CYBER SECURITY ENHANCE RISK MANAGEMENT
Asia Digital Bank Corporation (during application) established partnerships with award winning RegTech and payment companies Austreme and Acqra
In order to strengthen digital banking regulatory technology and cyber risk management, whilst effectively respond to the growing market demand for “zero-contact” financial services after covid-19 and the resulting financial risks, Asia Digital Bank Corporation (“ADBC”), which is bidding for a wholesale digital banking licence in Singapore, signed a strategic cooperation agreement with award-winning RegTech and payment companies Austreme and Acqra on 8th of June, 2020. The three companies will conduct close collaboration on regulatory technology (RegTech), online payment, big data analytics, cyber forensics, etc.
The application consortium of ADBC has a diversified shareholder background of both private and China state-owned enterprises. It aims to provide high-quality, efficient and affordable financial services for SMEs in Singapore by fully leveraging the unique advantages and synergies of all shareholders through their advanced financial technology such as data analysis, blockchain, artificial intelligence, etc., and to promote the business development, trade connectivity and financial support of SMEs. In addition, ADBC will focus on inclusive finance and green finance practices to create a regional flagship digital bank in Singapore, which will further help consolidate Singapore’s position as a global financial center and wealth management center and have a profound impact on the whole Asia. Its shareholders include Shanghai Jifu Information Technology Service, Chinastone Capital Management, JIC Technology Investment, Shenzhen Xin-an Digital Technology, Beijing Hong Heng Technology, and US-based Grace May.
Both Austreme and Acqra are founded by Mr. Terence Chau. Austreme is a leading regulatory technology company specializing in e-commerce related risk management and compliance monitoring services, and an industry leader in anti-transaction laundering and e-commerce store monitoring. It mainly serves online merchants (especially small and medium-sized merchants), banks and payment service providers under the international card association’s global brand protection policy. It is also an approved merchant monitoring service provider (MMSP) granted by MasterCard International. Through its range of world class patented technology, Austreme has won many awards including Best Smart Hong Kong Award (Open Data/Big Data Application) in the ICT Awards 2017 and Best in Big Data/Analytics in Enterprise Innovation Awards 2017 Singapore.
Acqra is a leading FinTech company specializing in e-commerce payment services, which was established by a team of experts with more than a decade of industry experience in the payment industry. From merchant e-KYC to facilitating payment transactions to fraud and dispute management and prevention, Acqra offers one-stop solution and consultancy services to payment gateway stakeholders such as banks, payment service providers and merchants by assisting them to streamline their procedures and strengthen their internal control and monitoring system to ensure minimal risk exposure, as well as to ensure regulatory compliance.
In view of the visions and expertise from the three companies, ADBC, Austreme and Acqra have decided to explore cooperation in risk control and compliance, including in the field of financial risk management, big data analytics, anti-money laundering, monitoring of high-risk content in online stores and onboarding of online merchants, etc. The three parties will promote the development of digital banking in Singapore and the Asia-Pacific region through technological innovation and digital financial services.
“Upon successfully granted the wholesale digital banking licence in Singapore, ADBC will leverage its global operational experience and technical expertise to provide best-in-class digital banking services to its targeted small and medium sized enterprises customers in Singapore.” said Dr. Shan Li, chairman of the board of directors of ADBC. “We will work closely with the world’s leading technology partners to provide payment methods that both buyers and sellers can trust by combating dishonest transactions, illegal activities and unethical practices.”
Mr. Terence Chau, Founder of Austreme and Acqra explains, “Our Transaction Laundering Detection is the world first innovation that can uncover prohibited transactions going through the banking and payment systems accomplished since 2010, with the patent successfully granted. It is highly accurate because it monitors merchants at the transaction level to collect first-hand data instead of public data such as web content or third-party web analytics data which may be manipulated. Thus, fraudulent merchants are unable to bypass our monitoring. We have been helping international credit card associations to resolve challenging issues related to suspicious payment transactions and reduce financial and reputation risks for banks.”
The three companies’ partnership explorations will first focus on providing advanced risk control and compliance capabilities for ADBC and their SME customers to reduce the threat of phishing, spyware, malware attacks, money laundering, suspicious transactions and illegal activities through activity monitoring and data analysis. Secondly, the partnership will explore the utilisation of a quicker merchant application and approval process via in depth e-business background checks, and identify and reduce risks of shell company or business, money laundering, dispute and prohibited item sales by using advanced e-KYC systems. And third, the partnership will explore a payment gateway that integrates with Visa Cybersource, Mastercard MPGS, UnionPay International, WechatPay, AliPay and other proprietary bank hosts. This payment gateway simplifies merchant shopping cart integration effort and time, and it is equipped with financial risk warning system and customized anti-money laundering system to improve the success rate of transactions. In addition, the three parties will jointly hold forums, seminars and other activities related to regulatory technology, financial technology and cyber security.