Singapore FinTech Association Teams With Thomson Reuters To Fight Financial Crimebr>
Singapore FinTech Association (SFA), a cross-industry non-profit initiative, is collaborating with media giant Thomson Reuters to promote Singapore’s FinTech industry and strengthen its fight against financial crime.
According to a recent Thomson Reuters True Cost of Financial Crime report, it is estimated that companies in Asia-Pacific lose $166 billion in turnover due to financial crimes.
As part of the partnership, SFA and Thomson Reuters will work closely with financial institutions, local universities and startups, to explore the use of new technology, such as data science, artificial intelligence (AI), machine learning and blockchain, to address issues around financial crime.
“Financial crime is a serious and growing issue for businesses in every industry,” said Chia Hock Lai, President of the SFA. “The Singapore FinTech Association is delighted to partner with a world-class organisation such as Thomson Reuters to find ways to tackle it together.”
“Thomson Reuters new collaboration with the Singapore FinTech Association supports our focus on fostering open innovation and we are excited to be solving real-world problems as a part of the regional ecosystem,” said Sanjna Parasrampuria, Head of Thomson Reuters Labs, Asia Region. “Financial crime remains a huge issue globally as well as in APAC, however we believe emerging technologies will help to find new solutions to combat this widespread problem.”