Southeast Asian regulatory technology (regtech) firm Tookitaki made its debut in the Philippines through partnerships with payment gateway provider Paymongo and the country’s leading all-in-one money platform.
Tookitaki, located in Singapore, provides end-to-end financial crime solutions to some of the most well-known financial institutions. Some of the top banks and fintech businesses in the ASEAN region rely on Tookitaki to improve their anti-money laundering (AML) compliance demands.
Last year, the Bank of the Philippines (BSP) assessed that the Philippine financial system is at “medium risk” of being exploited for money laundering. While preventive measures have been put in place to reduce the possibility of dirty money, the country remains on the gray list of the International Financial Action Task Force (FATF) as of June 2022.
Tookitaki made its debut in the Philippines
“We are deeply committed to empower the banking and financial services (BFS) sector in the Philippines to fight money laundering in the most effective and efficient manner,” shared Abhishek Chatterjee, Founder, and CEO of Tookitaki.
He adds, “The volume of digital banking and ecommerce transactions is rising exponentially, with global cashless payment volumes expected to increase by more than 80% from 2020 to 2025 and total cross-border payments reaching over $156 trillion. Unfortunately, this vast flow of money crisscrossing the globe provides cover for money laundering and the Philippines is no exception. As more Filipino consumers become part of the banking ecosystem and financial crime becomes more sophisticated, the financial institutions (FIs) in the region need to look beyond traditional and siloed AML systems to keep pace with growing business and compliance requirements.”
Designed on three C-principles – comprehensive, convenient and compliant
Anti Tookitaki’s AML solution, built on three C-principles – comprehensive, convenient, and compliant – may help FIs in the region increase their risk coverage and reduce risks in the ever-changing world of regulatory compliance.
Because of its innovative Hub and Spoke concept for robust transaction monitoring, the Anti-Money Laundering Suite, or AMLS, became an instant hit with the region’s digital banks and fintechs.
The ‘Hub’ is a comprehensive and expanding collection of the most recent intelligence on money laundering patterns received from AML expert networks throughout the world in a secure way.
Meanwhile, the ‘Spoke’ is a simulation setup that allows local businesses to download and test important patterns from the Hub, detect illegal money trails, and remain protected. The Spoke is implemented within the environment of a financial institution without allowing test data to exit the network, ensuring maximum security.
Moreover, AMLS, which is built on BigData, makes considerable use of machine learning for its transaction monitoring, smart screening, and client risk scoring solutions. The alerts from all solutions are collected in an interactive, modern-age Case Manager, which provides companies with quick alert resolution and simple regulatory report filing.
Tookitaki secured partnerships with PayMongo
Furthermore, Tookitaki secured partnerships with the country’s leading all-in-one money platform and PayMongo ahead of its local launch. This is to quickly assist the country’s growing fintech industry in reducing risk and designing a robust anti-money laundering program following the local regulator’s compliance standards.
This will make transactions safer and more secure for the money platform’s 47 million users and the digital payment platform’s 10,000 partner businesses.
“We look forward to partnering with more fintechs and local banks in the region offering an end-to-end AML detection and prevention software solution,” mentions Mr. Chatterjee.
Thunes, a worldwide leader in payment powering, acquired a majority investment in Tookitaki earlier this year to boost global company growth, with a significant focus on deepening its presence in important APAC regions, including the Philippines.
Lastly, Tookitaki will open its Philippine office in Q3 2022, hiring Filipinos for its local operations to increase the country’s pool of regtech talent and contribute to the country’s economic growth.