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Government support helps industry fight financial crime in Singapore

Financial crime is an age-old problem. Cutting-edge technologies like Blockchain and data analytics are presenting new ways to tackle it.

We have seen momentum in collaborations between the public and private sectors to address initiatives in regulatory and more recently, supervisory technology. For decades, Thomson Reuters has been a global innovator in the information and technology space, with Thomson Reuters assets underpinning a number of new products and services in the financial crime space that help drive regulatory adherence, effective risk management and operational process improvements.

A recent example of these partnerships can be found in Singapore, where Thomson Reuters has received support from the Economic Development Board (EDB), via a three-year collaboration in FinTech and data science. This support has enabled Thomson Reuters to shape its Singapore Innovation hub, driving the development of cutting-edge solutions and transforming the way professionals leverage smart data.

By tapping into, and building upon, smart technologies, Thomson Reuters is at the forefront of unlocking solutions that will change how professionals access and use information. Through Thomson Reuters continued focus on data science, delivering data exploration tools, dashboards, visualizations and proof-of-concept applications, we are leveraging the vibrant innovation and FinTech ecosystem in the region to drive experimentation and fuel collaborative projects across Asia.

Many strategic initiatives at the company are supported by Thomson Reuters Labs, and Thomson Reuters set up its first Asia Innovation Lab in Singapore in 2017 to drive strategic collaboration in the areas of data analytics, data visualization, artificial intelligence and Blockchain.

Sanjna Parasrampuria, Head of Thomson Reuters Labs Asia Region said: “At Thomson Reuters Labs, we work with the ethos of open innovation and fostering co-creation within the larger ecosystem, providing us with an opportunity to propel initiatives by sharing our skills and experience in running lean experiments in several regions globally, while learning from the inspiring work being done locally by both corporations and regulators.”

“In Singapore, we have a dedicated team of data scientists, UX designers, and full-stack engineers, who have been working on a range of Asia-centric projects including building intelligent tagging capabilities for Asian languages using Natural Language Processing (NLP), building automation tools for risk screening using artificial intelligence for client onboarding and compliance teams”

“Singapore presents an exceptional opportunity to combine Thomson Reuters 60,000+ TBs of content, domain expertise and deep technical expertise to solve real world problems of customers, as well as to work with broader industry efforts of regulators/banks to build solutions using emerging technologies in areas of Know Your Customer, anit-money laundering, financial terrorism, etc.”

Thomson Reuters new Lab team will thrive in Singapore’s unique ecosystem, validating time and time again that collaboration between government and the private sector fosters innovation and creates value for all participants. We look forward to seeing this work continue in the areas of financial crime compliance, Big Data analytics and user experience design.

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In our 2018 AI Predictions report, our industry experts share their forecasts for how developing technology will shape our future.

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