Singapore-based Silent Eight, a Regtech firm that leverages AI to prevent money laundering and terrorism financing activities, has revealed that it has agreed to a multi-year partnership with HSBC which aims to assist the bank with improving its compliance measures and related operations.
HSBC chose to work Silent Eight so that it can enhance or streamline its manual processes and current statistical models in order to lower financial risks while boosting operational efficiency. After a successful trial stage, these solutions will be integrated into HSBC’s IT infrastructure in order to provide case adjudications that are auditable in a reliable manner.
Matt Brown, Group Head of Compliance Services at HSBC, stated:
“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.”
Martin Markiewicz, CEO and Co-founder of Silent Eight, remarked:
“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.”
Established in 2013, Silent Eight has acquired early-stage investments through a funding round led by venture capital firm OTB Ventures bringing the firm’s total capital secured to $15 million.
As covered in November 2019, Silent Eight had completed an oversubscribed $6.2 million Series A funding round.
The capital raised was expected to be used to recruit new talent in order to support Silent Eight’s new clients who may use the company’s banking and insurance-related services. The firm had 50 employees on its payroll globally (back in November 2019) with 20 workers based in Singapore. Silent Eight’s management had stated earlier that it’s planning to double its employee headcount in the future.
Standard Chartered is reportedly one of Silent Eight’s largest clients and has been working with the startup for the past few years, in order to improve the bank’s name screening process across the US, the UK, Singapore and Hong Kong.