ACTS, FinTech, Treasury

3 More Days to TECHINSG: Fintech Solutions for the Corporate Treasurer!

July 24, 2018
In collaboration with

3 More Days to TECHINSG: Fintech Solutions for the Corporate Treasurer!

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Hear from the representatives from the Corporates: IBM, Lenovo & Cargill, Fintechs: InstaRem, InvestaCrowd, New Union, Academics: Prof Goh Puay Guan, Prof Douglas Streeter Rolph and SWIFT.

Here are the Top 3 things you can look forward to from one of our panelists from ACTS, Ms Valerie Heng, Senior Manager, Global Operations, Lenovo

One) Sharing session on some of the pain points experienced by Corporate Treasuries in their daily operations

Two) Lessons learnt from past experiences and projects. What are  the pitfalls a Corporate Treasurer should avoid.

Three) Wish-list of a Corporate Treasurer for Fintech innovations and solutions to pave the way for better future collaboration

What is SWIFT’s position on Fintech and Corporate Treasury?

Fintech is clearly the next battleground in the drive for efficiency, transparency and cost reduction to drive margin and for the corporate treasurer the benefits are manifold.

From A SWIFT perspective; we see unprecedented demand from our corporate members to achieve transparency, cost reductions and efficiencies through standardisation of heavily duplicate process.” shares Guy Sheppard, Head of Financial Crime Compliance Initiatives, SWIFT.

SWIFT has designed its Global Payments Initiative (GPI) to drive faster, smarter and more transparent payments globally; for corporates this would enable them to actually track the status of a payment for improved reconciliation as well as shining a spotlight on bank fees being applied to the payment as it progresses through the chain. Through SWIFT’s Business Intelligence portfolio, they work with corporate customers to improve their intraday liquidity visibility allowing users to see actual balances versus forecast levels, enabling them better planning and usage of their excess cash balances.

From a Regtech and compliance perspective, SWIFT launched the KYC Registry a correspondent banking KYC data utility 3 years ago. The coverage of SWIFT connected banks is approaching 60%; with the growth of national utilities like MAS and HKMA/HKAB corporate registry the market is clearly signalling an end to singular data exchange and a willingness to adopt local as well as national standards in KYC data exchange to improve efficiencies and drive transparency of risk. The challenge in this space is not so much technology but more of reaching an agreement on what KYC data set could a MNC share globally with their multiple banking partners? And how far a coverage should be extended to by geographical considerations?

In the wider Regtech space, there is much to look forward to with Artificial Intelligence pilot cases highlighting usage of predicting alert relevance in screening payments for sanctions to machine learning such as neural networks driving predictive risk models or better insights into potential customer behaviour.

The industry is moving from a static KYC (Know Your Customer) towards a dynamic KYB  (Know Your Customer’s Behaviour) and sanctions filter assurance are driving greater confidence in corporate compliance team’s understanding of their own key AML controls. This is often being used by Insurers to drive wholesale reductions in false positives through systematic testing and tuning.

SWIFT as always is at the beating heart of  industry collaborative efforts as we help facilitate scalable and pragmatic solutions to help corporates standardise, drive efficiencies and confidence in their controls as well as achieve compliance excellence.” Guy Sheppard affirms SWIFT’s support and position for technology and corporations.

about author

ACT(S) is a non-profit organisation of individual memberships drawn from corporate treasurers and finance professionals involved in corporate treasury work. Members are typically in corporate organisations on the buy-side of the marketplace. Established in 1991 as the Treasurer's Club, the association has grown in numbers and spread. As Singapore increasingly become a treasury hub, membership now include group and regional corporate treasurers, treasury centre managers and other professional whose treasury activities cover a wide geographical spread.