Silent Eight Bags Multi-Year Partnership to Help HSBC Combat Financial Crimeby Fintech News Singapore January 6, 2021
Silent Eight, a Singaporean regtech using Artificial Intelligence (AI) to combat money laundering and terrorism financing, announced a multi-year partnership with HSBC that will support the bank in enhancing its compliance operations.
HSBC selected Silent Eight to improve its manual processes and existing statistical models to decrease risk while simultaneously increasing efficiency. Following a successful trial period, the solution is set to be integrated into HSBC’s existing infrastructure to provide case adjudications that are explained and auditable.
“Given the growth in alert volumes, and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately,”
said Matt Brown, Group Head of Compliance Services at HSBC.
Martin Markiewicz, CEO and Co-founder of Silent Eight said,
“We’re delighted to find a partner that shares our focus on eliminating financial crime. HSBC’s dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry. We’re proud to partner with them on their mission to make the world safer.”
Founded in 2013, Silent Eight had recently completed an early-stage funding round led by VC firm OTB Ventures bringing the company’s total capital raised to US$15 million.