Background
3i-Strategy and Cambridge Combinator have come together to support a Singapore based digital banking solution launch and expand into Australia and the Asia-Pacific.
The innovative Diligent Risk Solutions platform has been developed by a team of senior industry practitioners from Global and Regional Banks who have direct experience in leading businesses, managing Customer Due Diligence Operations, Financial Crime Risk management and working with Regulators. The solution is a “best of breed” solution that improves client experience, transparency, efficiency and the quality of Anti-Money Laundering and Know-Your-Customer processes at banks and financial institutions. The workflow mitigates risk and guides decisions right throughout the Client Life Cycle journey from onboarding through to Annual and Periodic Reviews.
Setting up
The founders each have over 25 years of senior level experience in this space and understood the pain points and challenges of banks, clients and regulators very well. With investment support from Cambridge Combinator, a Singapore headquartered Private Equity and incubator fund, the modular platform was designed and developed with proofs of concept with large global banks to validate and test the functionality was fit for purpose.
Journey and Progress
Regulators such as AUSTRAC in Australia and the global Financial Action Task Force are driving compliance particularly with large banks. The recent Banking Royal Commission in Australia has shown what happens if banks do not adhere to legislation and regulatory requirements, as board directors also face stiff scrutiny and significant fines are being meted out.
3i-Strategy worked closely with the founders to develop a go-to-market strategy which including localising the platform for Australian policy and speaking to AUSTRAC and the well-known Regtech Association of Australia for feedback. A digital branding strategy was developed including collateral for sales and marketing. 3i-Strategy has been involved with partnering Diligent with Big 4 Advisory Firms who work with banks for remediation of their processes. Other market access opportunities in the region include collaborations such as Handshakes, the leading Asian data provider and ASEAN top credit bureaus. This exciting start-up journey has just begun for Diligent and its founders.