(March 15, 2018 – Hong Kong) A global leader in merchant compliance monitoring and payment big data analytics, Austreme is pleased to announce that its Transaction Laundering Detection is awarded the Gold Award for the Hong Kong ICT Awards 2018 – FinTech Award (RegTech & Risk Management).
The Hong Kong Institute of Bankers (HKIB) is the leading organiser of the Hong Kong ICT Awards 2018 – FinTech Award, the third consecutive year since its launch in 2016. In encouraging the development of FinTech innovation and solutions (such as payment solutions, clearing and settlement systems, etc.) for enhancing operations and fostering new modes of business for the financial sector, the FinTech Award aims to develop Hong Kong into a financial technology hub. RegTech & Risk Management is the newly added award stream of the FinTech Award. It recognises solutions that effectively and efficiently address and manage aspects in the financial services sector; including regulatory and financial risk management, compliance with regulations, and customer protection. This stream is open to companies or institutions that aim to serve financial institutions and regulatory bodies, utilising technologies such as big data for the sharing of information.
Austreme Transaction Laundering Detection is an online merchant compliance monitoring and risk management solution for fulfilling regulations of card schemes like Visa, MasterCard and UnionPay as well as bank’s custom policies. It helps banks and payment service providers to detect merchants’ violations and illegal transactions such as gambling, drugs, child pornography and IP infringement that are mostly done via transaction laundering or payment aggregation technique. It is widely introduced by Visa and MasterCard to their member banks globally. In 2015, Austreme became MasterCard’s Merchant Monitoring Service Provider (MMSP), any acquiring bank who registers Austreme as its MMSP will get penalty waiver. Furthermore, the solution is the industry first and the only merchant monitoring service that complies with Payment Card Industry Data Security Standard (PCI-DSS) onsite audit certification.
Ms Carrie Leung, Chief Executive Officer, the Hong Kong Institute of Bankers, stated, “We are very impressed with the quality of entries this year, and the Hong Kong Institute of Bankers, together with the winning entries, will contribute to the FinTech development in Hong Kong and create synergies among stakeholders.”
Terence Chau, Founder & CEO of Austreme said, “We are very delighted to be the Gold Award winner. As a Forensic Fintech company, our big data has currently over 32M websites analyzed which provide site and merchant intelligence and background check. We believe that our Transaction Laundering Detection technology can facilitate the financial sector to handle the tightening compliance regulations in their daily KYC operations and ongoing monitoring.”
Austreme is an industry leader in forensic fintech, helping brand owners, acquiring banks and payment service providers monitor and detect online merchants’ illegal and brand-damaging transactions under international card associations’ global brand protection program. We provide a wide range of financial risk management services for customers globally, specializing in big data analytics, anti-transaction laundering, online store illegal content monitoring and merchant onboarding. For more information about Austreme, please visit www.austreme.com. More about Transaction Laundering Detection Solution can be found at www.austreme.com/en/transaction-laundering-detection/.
Booklet of the HKICT Awards 2018 – FinTech Award can be downloaded here
Press Release by the HKICT Awards 2018 – FinTech Award can be downloaded here