ZA Bank selects Accuity to meet compliance requirements
In an announcement made by ZA Bank - Hong Kong’s first virtual bank - and Accuity, the two companies have announced a joint partnership to meet compliance requirements and improve customer experiences.
Accuity is a global provider of financial crime screening, payments and counterparty know your customer (KYC) solutions. As part of the partnership, ZA Bank has implemented the company’s screening solution to improve its customer experiences, while also meeting domestic and international regulatory requirements.
Currently in Hong Kong under its regulatory and supervisory framework, banks have to regularly demonstrate a robust risk and compliance screening system that can alert the bank to individuals that could be engaged in financial crime, associated with sanctioned regions or entities, or are politically exposed persons (PEPs), to prevent the use of a bank for illicit activities.
With exceptional customer experience being a core focus of ZA Bank, it has to ensure that its risk and compliance screening system can cope with the need to filter in real-time against a variety of rapidly changing regulations and sanction lists, without disrupting the flow of finance or generating unnecessary and overwhelming amounts of extra work. More importantly, the bank needs to maintain a high level of efficiency when handling account openings, loan applications and payments.
"While ZA Bank provides around-the-clock, innovative services purely through a mobile application, we have adopted a rigorous compliance and risk management approach like the traditional banks do. Accuity has been a valuable partner in our endeavour to make banking accessible to more people in our community through technology. By handling growing numbers of customers and transactions with high levels of accuracy, their Firco screening solution has not only helped us meet the AML and KYC-related requirements, it has played a key role in upholding our dedication to excellence,” commented Rockson Hsu, CEO, ZA Bank.
By utilising Accuity’s Firco screening solutions, the bank reports that it has achieved a balance between rigorous risk management and providing excellent customer experience. Accuity’s solution operationalises: automated alert detection, reduction of false positive alerts, and prioritisation of high-risk alerts.
The solution also allows ZA Bank to generate electronic audit trails that can be shared with auditors and regulators.
"The competitive edge for digital banks is primarily through customer experience and lower operational costs. Accuity is proud to be supporting ZA Bank's innovative business model, as well as Hong Kong's advancement into the era of smart banking. The success of this implementation is a strong validation of our reliable and flexible solutions to constantly address new industry needs and standards, such as extensive due diligence, preventing financial crime, and enabling fast, scalable, and frictionless user experiences,” Bharath Vellore, Managing Director, Asia Pacific, Accuity.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.