LALA World, a financial ecosystem for the underbanked, has partnered with RegTech 100 company Cynopsis ahead of its ICO.
The company, which is looking to use blockchain to bridge the gap between fiat and cryptocurrency, said it has partnered with Cynopsis to meet its security, regulation, KYC and AML needs.
Founded and based in Singapore, Cynopsis helps clients in the financial services sector and the professional services sector better comply with ever-increasing regulatory requirements. It does by designing and building ‘cost effective, secured, flexible and scalable compliance softwares’.
The RegTech focuses on small, medium size enterprises in financial and non-financial services sectors including FinTech and blockchain startups, P2P lending/funding platforms, financial advisers, fund managers, REITs managers, insurers, and remittance companies, among others.
“Regulatory compliance need not be expensive and cumbersome if we combine deep regulatory knowledge with smart use of leading functional technologies,” LALA World said in a blog post.
“RegTech should not be only made available to large banks and financial institutions, but enabling the new promising players having character in the market access to good solutions at an affordable price point. Cynopsis partnership with LALA will help to better comply with ever increasing regulatory requirements, in particular anti money laundering (AML), counter terrorism financing (CTF) and know your customer (KYC).”
With its token sale set to launch at the end of the week (5th January), LALA World is creating a whole new peer to peer ecosystem enabled by the LALA Wallet. It aims to revolutionize the way individuals, small businesses and micro entrepreneurs transact, make payments, borrow money and associated products like insurances, domestic and cross border remittances, cards and other general banking products.
Last year, Cynopsis was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
