SFA and Thomson Reuters join forces in battle against financial crime

They will tap financial institutions, local universities, and startups in Singapore for the initiatives.

Singapore FinTech Association (SFA) joined forces with Thomson Reuters to launch projects and initiatives focusing on leveraging emerging technologies to solve issues surrounding financial crime, an announcement revealed.

The tie-up will work closely with financial institutions, local universities and startups in Singapore to roll out their initiatives.

“Financial crime is a serious and growing issue for businesses in every industry,” SFA president Chia Hock Lai said. “The Singapore FinTech Association is delighted to partner with a world-class organisation such as Thomson Reuters to find ways to tackle it together.”

According to a Thomson Reuters report, Asia-Pacific firms lose US$166b in turnover due to financial crimes.

“Financial crime remains a huge issue globally as well as in APAC,” Thomson Reuters Labs Asia region head Sanjna Parasrampuria commented. “However, we believe emerging technologies will help to find new solutions to combat this widespread problem.”