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Singapore, Singapore–(Newsfile Corp. – August 16, 2021) – FinTech Awards 2021 has awarded Regtank, a one-stop Regtech solution provider, the Cryptocurrency Regulatory Technology Company Award in Asia.
Hosted by Wealth & Finance International, an investment market intelligence platform, the 2021 FinTech Awards aim to identify and spotlight individuals, companies, and enterprises across the hugely diverse global FinTech industry.
Regtank was awarded the Best Cryptocurrency Regulatory Technology Company Award in the 5th Annual Asia Fintech Awards. The Best Cryptocurrency Regulatory Technology Company Award is awarded to companies with innovative solutions, dedication, and commitment to improving the FinTech industry in 2021.
Cryptocurrency exchanges and blockchain companies are proving themselves to be major players in the world’s financial ecosystem with the phenomenal rise of the cryptocurrency industry valued at 2 Trillion market capitalization. This has brought scrutiny of the regulators, now requiring Virtual Asset Service Providers (VASPs) to be licensed and comply with stringent compliance measures. However, the cryptocurrency market faces difficulties of rising costs and lack of compliance talents resulting in hefty fines and reputational damage. In 2020, FinCEN issued a $60 million fine on unlicensed crypto companies Helix and Coin Ninja for violating Bank Secrecy Act (BSA).
Regtech can be a driving force to helping companies navigate and manage illicit behaviour arising from the legalisation of digital assets as well as create an innovative environment for continuous improvements in the industry. Compliance is the foundation that defines a company’s reputation, building trust with market players while mitigating risks and protecting information assets. A comprehensive policy and compliance management program is further able to help reduce costs and increase operational efficiencies.
The Regtank solution is the first-of-its-kind, built for both cryptocurrency companies and financial institutions. Combining both Know Your Customer (KYC) and Know Your Transaction (KYT), Regtank’s integrated regulatory technology can integrate seamlessly with existing compliance infrastructures and risk management frameworks. Regtank continues to explore opportunities to innovate cutting-edge compliance, risk management virtual assets and strive to make inroads to a more efficient compliance landscape.
Regtank is the leading provider of a one-stop software-as-a-service compliance solution, serving to revolutionize the compliance landscape. Adopting a risk-based approach (RBA) incorporating the entire onboarding process as well KYC and KYT into a single consolidated platform, Regtank has innovated a comprehensive and advanced AML/CFT smart risk assessment engine that can automatically classify the risk of individuals tailored to the risk matrix of the clients. Regtank today provides digital onboarding, risk assessment and management, screening, record keeping, ongoing due diligence, transaction monitoring, blockchain analytics, and the identification of the origin of funds. For more information, you can visit us at https://regtank.com/.
For press enquiries, please contact:
Fong Ming Sing
T: +65 9005 4233
Regtank Technology Pte Ltd Named Best Cryptocurrency Regulatory Technology Company in Asia
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