12 Nov 2020 - Sedicii strengthens Asia presence with a win at Hong Kong Fintech Week

Posted in News by Rob Leslie - Share

Sedicii, the innovative multi-industry regtech provider has announced a significant milestone in strengthening its Asia presence. The company was awarded Best Governance, Regulation and Compliance Solution Runner Up in the TechChallenge - Digitising Trade Finance initiative during Hong Kong Fintech Week which was held from 2- 6 November 2020. Sedicii was awarded a prize of $10,000 for its innovative Anti-Money Laundering solution "Prexa" that combats Financial Crime.

The result of the hotly contested competition was jointly announced by the Bank forInternational Settlements Innovation Hub (BISIH) centre in Hong Kong and the Hong KongMonetary Authority (HKMA) at Hong Kong Fintech Week, with global bank StandardChartered emerging as winner.

The competition was launched in August to highlight the potential for new technologiesto enhance trade finance mechanisms. Winners were selected from 103 technologysolutions submitted by applicants worldwide.

During the announcement of TechChallenge winners, Edmond Lau, Senior Executive Director of the HKMA, said: "The HKMA is pleased to have received an enthusiasticresponse even amid the pandemic and is impressed by the quality of the submissions.We believe that the winning proposals, when further developed, hold great potential foraddressing some long-standing pain points of the global trade finance business."

Commenting on the award, Rob Leslie, CEO of Sedicii, said: "We are delighted andproud to be recognised on the international stage at such a prestigious event and for ourinnovation in fighting Financial Crime to be showcased to leaders in finance globally andover 100,000 attendees at Hong Kong Fintech Week. This recognition has already attracted interest from Global Banks and is a significant step for our company."

Mo Harvey, FinTech & Financial Services Lead, APAC with Enterprise Ireland based in Hong Kong, stated, Seeing a leading Irish RegTech company like Sedicii win an award on the global FinTech stage is an incredible achievement. We see Asia-Pacific as a key growth region for Irish Fintechs and this is validation that Ireland is truly a hub of innovation for RegTech solutions.

Prexa is a cutting-edge Anti-Money Laundering solution that allows Financial Institutionsto securely share knowledge and insights about clients or transactions without disclosingthe underlying data or information (PII).Prexa enables the creation of risk information to enable organisations to identifypotentially suspicious transactions, detect criminal activity and prevent fraud before atransaction executes.

Sedicii sees promise in the Asian market and are working towards establishing theirpresence in region, initially in Hong Kong and Australia, with plans to hire a Head of APACin the pipeline. The company is also actively fundraising to support their expansion asdiscussions progress with leading financial institutions in the region.