7 Problem Statements on KYC / Identity Authentication

1 Digital Documents
EXPENSIVE originals of documents witnessed by a lawyer / notary is required for loan
applications by financial institutions
A platform facilitates digital exchange, signatures and authentication of notary documents.
This platform may also be used for board resolutions, credit facilities, as well as other
forms of contracts.
2 Authentication Methods
INCONVENIENT token – based authentication to unnecessary account risks of weak /
common passwords
A different approach to authentication not reliant on passwords / tokens under the same
authentication infrastructure
3 Common Platform
AML is a process that is common across the financial industry
A solution to leverage a common international platform and infrastructure. This solution
could be made available to industry players through a subscription service.
4 Secure transmission
COMMON paper – based application forms and documents + EXPENSIVE and UN –
SUITABLE electronic solutions + UNIQUE electronic portal governed by financial
institutions
A platform to enable secure authentication and transmission of documents and contracts.
5 Central Platform
TIME – and RESOURCE – intensive KYC processes
A central platform to consolidate information required for the KYC process and validate
this information against local KYC requirements. This platform should also be able to
integrate real – time alerts that would be triggered by specific events.
6 Secure Platform
REPEATED process and SAME information required for KYC AML
A central database for KYC / AML accessible by all financial institutions through a secure
platform highly – encrypted and authenticated. Sharing of customer data should be subject
to user approval. Ideally, this platform should also enable new account creation with
financial institutions.
7 Central Repository
STRUGGLING database update for AML checks
A central repository shared among all market participants. This repository would be a
single source of reference to identify counterparties, company structures, as well as other
publicly available information.

8 Problem Statements on RegTech

8 Real – time Risk Analytics
No system effectively enables institutions to track and monitor counterparty risk and
market exposure.
A platform to collect trade data to conduct real – time analytics and provide automated
reporting while taking into account constraints such as sanctions. AML and KYC reporting,
as well automatically blocking of transactions against suspicious accounts.
9 Fraudulent Behavior Detection
OPTIMIZED AND MONITORED individual transactions and DELIBERATELY –
IDENTIFIED misconduct during the onboarding and servicing of customers.
A machine learning application identify behavioral patterns
10 Common Industry API Platform
REGULATION AND STANDARDIZATION INITIATIVES such as Europe’s Revised
Payment Services Directive the UK Open Banking API Standard and the Korea Open API
Platform requires banks to open up their services (and information platforms) in a
consistent way. FINTECH COMPANIES are driving demand for banking services such as
customer on – boarding, KYC, payments, transaction history, and account information.
A solution to leverage a common international platform and infrastructure. This solution
could be made available to industry players through a subscription service.
11 Compliance Tools
STRICTER regulatory and compliance increases cybersecurity risks
An application to help licensed representatives adhere to individual obligations such as
maintenance of personal securities registers and changes in personal particulars.
12 Insider Trading Detection
Compliance departments have to verify a LARGE number of transactions to potentially
identify insider trading
A technology to leverage machine learning to recognize patterns of fraudulent behavior and
automatically flag potential insider trades.
13 Transaction Compliance Tools
Regulatory report system is NOT GLOBALLY STANDARDIZED and can be
INTERPRETED IN DIFFERENT WAYS. In-house solution raises more challenges of
different regulation coordination between multi - jurisdiction.
A solution to identify the regulations that each transaction or account needs to comply with
and the body it needs to be reported to. The solution could be an all – encompassing rules –
based engine, or it could target one set of regulations (e.g. derivatives trade reporting).
14 Automated Regulatory Reporting
MANUAL + COSTLY + TIME-CONSUMING regulatory reporting system
A blockchain – based reporting system built with an automated or convenient process
15 Secure Platform
UN- UNIFIED regulations among many countries
A solution to read many different types and formats of banking regulations and to codify
the content into a rules / data model.
4 Problem Statements on Trade Finance
16 Blockchain Platform
A LACK of AWARENESS on trade finance and trade credit products that are available to
SMEs
A digital marketplace to present what is available to the SMEs and what SMEs needs with
online applications, basic terms, and contracts.
Ideally this platform would leverage on blockchain technology
17 Smart Contract
MANUALLY – VERIFIED – ACROSS MULTI – PARTIES trade documents
A smart contract solution to leverage the data collected from IoT and sensors on ships and
on goods themselves to trigger certain arrangement conditions.
Combining smart contract with the use of blockchain would provide security and trust.
18 Digital Documents
A digital supply chain finance hub that incorporates leading technologies in cargo
documentation, SWIFT’s MT798 trade messaging utility, BPO and blockchain with a focus
on trade finance applications in Singapore
19 Self Authentication
A LACK of AWARENESS on trade finance and trade credit products that are available to
SMEs
A solution to enable self authentication and reduce fraud.
Both agents and institutions could go to this platform to verify document authenticity and
update trade status.
14 Problem Statements on Insurance
20 Automated Claims Processing
The insurance claim process can often be CONFUSING AND TIME – CONSUMING for
claimants and both LABOR INTENSIVE AND COSTLY for insurers.
A technology to automate the claims process
21 Smart contract
Insurance is a PROCESS – INTENSIVE business that RELIES ON INTERMEDIARIES
for the recording and transmission of information.
Insurers’ Blockchain tech integration enables P2P exchange of information and / or smart
contracts to eliminate the need for third party verification.
22 End-to-End Platform
An end-to-end insurance platform to allow the customer to manage, track, review, and buy
insurance policies in a simple and informed manner. The platform should allow the insurer
or intermediaries to sell their solutions directly to the customer.
23 Social media Engagement Tool
Insurance products are typically LINKED TO VULNERABLE MOMENTS in people’s
lives. Customer engagement is generally limited to policy quotes, customer acquisition,
contract renewal, and claims.
A tool to leverage social media and public information to drive customer engagement and
identify potential leads in the insurance sector.
24 Smart Pricing (Lifestyle)
Underwriting and pricing principles are traditionally based on LIMITED VARIABLES.
Emerging technologies routinely capture real time biometric and lifestyle data.
A “pay-as-you-live” ecosystem to provide personalized premium ratings based on the data
collected to customize life and general insurance coverage.
25 Smart Pricing (Health)
Insurance products / services based on SIMPLE STATIC HEALTH DATA
A health monitoring application to capture smart home sensor data and health application.
This data leverage medical record history provided by hospitals, insurers and from smart
health hardware providers.
26 Smart Pricing (Mobile)
Smart Car insurance product to capture data from various sources (smartphone, OEM
connectivity to generate driver profiles and develop risk scoring algorithms.
The solution to enable insurance companies to develop alternative car insurance products
(eg: pay when you drive) and provide incident related services.
27 Smart pricing (Home)
Insurance premiums of a fixed premium model is UN-REFLECTIVE the customer’s
behavior or actual “consumption” of the coverage
Many unexplored uses of data collected from connected devices to be used in dynamic
pricing models including, pay as you use pricing
28 Data Collection Using Drones
DRONES COULD BE USED to better route traffic and contact the appropriate services in
road accidents.
Information could be captured from data collected by drone sensors:
- Evidence for insurers to access damage
- Photo and video proof for claims
29 Drone pilot insurance
A new market is developing to insure against damage caused by commercial or private
drones
A platform to assess the proficiency of drone pilots, the environment (previous flights),
their equipment and develop pricing models for drone related insurance products.
30 Fraudulent Behavior Detection
FRAUDULENT claims make up a large part of the cost of providing insurance.
An tech solution to gather, standardize and analyze data across multi product lines for
fraudulent behavior analysis.
31 Predictive Underwriting Model
Prediction BASED-ON HISTORICAL DATA. Thanks to connected devices, MORE
OPPORTUNITIES to collect real time information for insurance claims.
A solution to enable insurers to reshape predictive models and integrate information into
pricing, underwriting, loss forecasting
32 Natural catastrophe prediction
MORE EFFECTIVE ways to leverage sensor data for real-time earthquake predictions to
limit damage to infrastructure and human injury
A prototype to predict earthquakes / other natural disasters using a time series of
seismographic data at differentx locations.
33 Human – centred Disclosure statements
DENSELY – WORDED, LEGALLY – BINDING AND FORMAL DISCLOSURES –
REQUIRED Product Disclosure Statements (“PDS”) are UN – READABLE to customers
An innovative technology approach to make PDS easier to read and meeting regulatory
requirements.
5 Problem Statements on Financial Literacy
34 Personal Finance Management
It is important to cultivate consumer education on complex personal finance matters.
A comprehensive personal finance management tool to enable consumers to understand the
fundamentals of personal finance and the benefits of sound financial management.
35 Gamified Investment Tool
Mobile games provide an opportunity to engage children on personal finance education.
A free-to-play mobile game. The proceeds of in-app purchases would be placed into an
investment vehicle and / or a personal account. After a certain amount of funds
accumulated, the financial institutions running the game would provide tools to enable
customers to reinvest and manage funds.
36 Financial Education Tool
Retail investors may not purchase financial products because of a lack of understanding.
A user friendly tool that would appeal to this segment and educate individuals on financial
products.
37 Financial Literacy App
A creative and engaging tool, game or app that provides financial literacy education at
strategic points in a person’s early life
The technology could include secondary school curriculum modules, or game style tools
that teach basic financial skills and more elaborate financial concepts.
38 Interactive Digital Ecosystem
Millennials may be LESS likely to consider LONGER TERM investment products.
An interactive digital ecosystem including various savings and investment vehicles with the
leverage of robo – advisor technology
10 Problem Statements on Financial Inclusion / SMEs
39 Authentication For Migrant Workers
Digital KYC for mobile wallet transactions is difficult to implement for migrant workers in
rented dormitories
A solution to validate the identities of migrant workers on the existing authentication
solutions.
40 Digital Customer Service
Cs departments in the financial industry needs to keep up with the evolving digital world
and the “always on” consumer.
A solution to offer an interactive, smarter seamless CX through the use of instant
messaging and smart devices.
41 Data – Driven Credit Underwriting
Existing credit underwriting models do not leverage new sources of qualitative and
quantitative information, both for individuals and SMEs.
A solution to leverage nontraditional data sources to selectively refine existing
underwriting models.
42 Scalable Micro – services
Banking micro – service system of large multi – purpose relational databases requires
consistency and scalability.
A simple and scalable micro – service - based banking transaction service demonstrate data
consistency within acceptable latency.
43 Finance and Accounting Suite
Structural deficiencies associated with traditional paper – based methods to reconcile
payments and accounts can create a vicious cycle of inefficiencies.
A full product suite for SMEs to manage their purchase orders, invoices and cash flows
44 Data – Driven Credit Evaluation
Credit evaluation historically based on audited companies’ financial statements challenges
many SMEs which may not need to audit their statements.
Data points through social media and market connectivity is an alternative to the existing
credit scoring model.
45 Banking Solutions For the Unbanked
Financial inclusion and credit offering continue to be a challenge in many markets around
the world.
A solution to enable financial institutions / other FinTech firms to offer solutions to people
not currently having access to basic financial services.
46 KYC for refugees
Estimated number of 60 mil people displaced by war have limited access (if any) to basic
financial services
Refugees’ pain- points: Identification and Mobility / Migration / Remittance
Alternative identification and KYC methods, based on mobile and blockchain, give
refugees access to basic financial services.
47 Mobile Payments For Administrating Aid
Although the widespread adoption of mobile wallets, there has been little focus on adapting
this model to the needs of this segment.
A solution to enable people in regions requiring emergency aid to make payments and
withdraw cash.
48 Finance and accounting suite
Services provided to SMEs are typically general in nature and not customized to their
needs.
An integrated solution to provide banking and business connectivity to small businesses,
based on their scale, growth stage and service requirements.
12 Problem Statements on Customer Engagement
49 Aggregated news for investment
Investors receive a large number of reports, recommendations and financial news from
many sources and currently no platform can structure and aggregate this data.
A platform to consolidate data in multi – types and from multi – sources for their needs and
investment strategies.
50 Financial data analysis
Many of data sources available for prospect, customer, product and regulation research are
irrelevant, incomplete or even incorrect.
A solution based on sophisticated algorithms that can be used to cross – check the veracity
of information available online
51 Financial analysis For Home Buyers
Young couples looking for their first property are usually faced with uncertainty during
their research and evaluation.
An application to help prospective home buyers analyze financial information and match
them with properties that they can afford.
52 Aggregated loyalty rewards
Consumers need to manage a number of reward programs.
A platform that would merge loyalty rewards from multiple merchants and enable the
(cross) redemption of reward points from different merchants
53 Customized loyalty rewards
It is difficult to aggregate and analyze multiple customer data sets in real – time.
A technology platform to redefine customer loyalty and reward concepts by colleting and
integrating customer data within a loyalty engine and reward then for specific behaviors
54 Aggregated Financial Statements
FIs communicate with customers via statements and advice by traditional limited –
security, long – delivery – times and manually – paper – handling mailing.
A mobile friendly app targeted at retail customers to provide access to aggregated financial
transaction details, customizable reports and real time alerts.
55 Mobile Banking For The Visually impaired
Many apps do not cater for persons with visual impairment while many FIs are moving
from an offline to an online presence.
A mobile banking solution that would be tailored to the needs of the visually impaired
56 Aggregated personal finance
In Singapore, there is currently no application that allows a person to manage and
consolidate his / her accounts from different FIs
A platform / A set of APIs that would allow customers to merge their various online
banking platforms to manage their finances
57 Aggregated savings platform
Consumers generally do not keep track of savings through the use of discount coupons,
loyalty programs, or price comparison engines.
A solution to enable customers to place the money that they have saved into a virtual
deposit box.
58 Customer data analytics tool
The tell – tale signs of customer dissatisfaction could be a company’s decision factor.
A solution to enable banks to analyze customer relationship data to identify telltale signs of
customer attrition for lasting customer relationships.
59 Mobile tax refund
Travellers need to go to tax refund kiosks at the point of departure to claim their GST/VAT
refunds.
A mobile claim process directly to credit the funds onto a debit / credit card at the point of
sale to create a more seamless process for the verification of GST free goods declared by
tourists.
60 Innovative digital banking
Banks: it is conceivable that more business will be conducted online.
A lean online banking presence that can provide value – added banking services (excluding
payments) to customers who frequent “new economy marketplaces”
11 Problem Statements on Payment
61 Integrated IoT Data
IoT trend is characterized by greater connectivity due to the integration of sensors and
computing capabilities.
A solution to integrate data from IoT devices within financial services, enable better
financial decisions, budget, real-time purchases, as well as payments and financial services.
62 Digital Cheques
Singapore has high cheque usage rate. Cheques takes an estimated 2 days to process and
processing cost can vary from $3 - $5.
A solution to enable:
- Real-time issuance of cheques using digital banking credentials.
- Digital deposit of cheques
- Real-time clearance of cheques via e-payment
63 Seamless Payment Solution
The customer experience around bank transfers / direct debit payments is fragmented across
Southeast Asia.
A seamless payments solution to leverage:
- Biometrics or strong authentication
 - Linkage of authentication to unique ID accessible across all banks
- Funds transfer via digital / mobile medium
64 API Gateway
Few standard APIs enables companies to transfer funds to bank accounts through a direct
debit functionality In Singapore.
A APIs gateway interface to reduce complexity and the cost of multi clearing – interfaces
for banks and to enable SMEs / merchants to
- Do direct debits / transfers at low cost
- Streamline the number of interfaces and messages
- Select the appropriate clearing scheme based on the nature of the transaction
65 Efficient Settlement
In Singapore, some of the settlement systems are becoming obsolete. Legacy systems need
to be upgraded and / or replaced.
A solution that would improve existing settlement systems to:
- Reduce settlement periods
- Facilitate authentication

66 Cashless schools
Schools in Singapore require cash payments for different transactions.
A solution that would enable a cashless school system. Information could be used to
monitor students’ expenditure and even dietary habits.
67 Payment For Low – Value Transactions
Small cash-based payments may lead owners to encounter cash management issues,
delayed settlements and even loss id customers. Cash payments is challenging for
regulators to track earnings and calculate taxes.
An alternative payment solution not to result in adding costly infrastructure for the hawker
stall owners
68 Seamless season parking fee payments
The collection of season parking payment is fragmented in Singapore and may create
frustration for car owners. Season parking payments typically come in several forms.
A solution for a more convenient, frictionless way for drivers to pay for their season
parking fees on time and online, without the use of cheque and cash.
69 Enhanced mobile wallet
Technologists expect 2016 to be the year of mobile wallets. However, the offerings among
current wallets are very similar and undifferentiated.
A solution to enhance the value proposition of mobile wallets to create customer stickiness,
promote a mobile centric lifestyle, and give individuals a compelling reason to stay within
the mobile wallet ecosystem
70 automated payments engine
Small companies do not have the capacity to integrate their enterprise resource planning
systems with SWIFT or directly with banks using host-to-host APIs resulting in a lot of
manual operations to manage incoming and outgoing money flows.
A rules-based engine to perform automatic tasks when certain conditions are met. These
rules could either be configured in the online platform or uploaded through APIs.
71 Cross-Platform Payments
Instead of building proprietary online apps, banks could integrate with existing platforms.
A cross platform payment solution to allow to allow users to send money via an integrated
keyboard in any text-based content. As a result banking can be integrated into the daily
conversations of its consumers without the need to redirect to proprietary banking apps.
12 Problem Statements on Portfolio Management
72 automated institutional investments
Manual processing is involved when distributors and financial advisors fax subscription
and redemption orders to registrars of funds / when investors send orders to them.
A B2C2B platform to automate the end-to-end ordering process for fund management and
insurance industry.
73 Predictive FX Rate Model
Asset managers in Asia face timing issues for Asian – currency portfolios as the underlying
indices are based on US/EMEA markets. This causes delays in index production due to
usages of specific FX rates.
A solution to connect the regional exchanges to publish the indices in local Asian
currencies; to build a predictive FX rate model that can be vetted by a central agency.
74 Real-time diagnostics
Potential valuation errors happen when fund managers and insurance companies minimize
valuation errors, calculate and publish NAV princes for their investment products.
A real – time diagnostic tool to detect NAV calculation anomalies across a large number of
portfolios.
75 Interactive customer evaluation
Currently, financial advisors assess their customer’s investment profile based on static
questionnaires.
An interactive customer evaluation tool to enable financial advisors to accurately assess a
customer’s investment profile on an on-going basis.
76 Smart portfolio management
Asset managers need to take into consideration a number of factors when building a
portfolio for their customers.
A portfolio management tool that would deliver a decision making framework and a
calculation engine that builds a portfolio consistent with the objective of all stakeholders.
77 Real – time Investments Advice
Robo – advice is trending as a new way to explore customer needs and deliver financial
advice.
An automated and real-time investment advice engine include: a robust goal-bases
investing and planning framework; algorithm-driven asset allocation and portfolio
rebalancing; real-time product recommendations; timely alerts and recommendations.
78 Data-driven Investment recommendations
Pre-packaged solutions offered by financial institutions may not be easily customized and
thus adapted to customer lifestyles.
A platform that takes into account publicly available information to determine individual
protection needs and suggest a tailored solution.
79 Neutral platform for structured products
The value chain for structured products needs to be more efficient by integrating price-
finding venues, multi-issuer platforms, reference data and corporate action communication
standards, core banking and connectivity services.
An issuer neutral market access for certain structured products to enable: efficient price
discovery and customer suitability checks; straight-through execution and post trade
processes; provision of educational and information documentation to facilitate the decision
making process
80 Investment Management Tool
There is a need to improve access to updated pricing information that allows financial
institutions to calibrate their pricing strategies quickly.
A tool which can be integrated with the investment management platform to: compare
pricing and changes; predict possible surges or dips.
81 Robo-Advisor
Most robo-advisors base their analysis on quantitative data, which can lead to a lag in
performance as opposed to a combination of both quantitative and qualitative data.
A next-gen robo-advisor to leverage AI and natural language processing to provide
effective trading strategies using both qualitative and quantitative data.
82 Straight – through processing
Instead of using central matching apps combined with industry databases, many of small
buy side companies require their brokers to process their trades through manual methods.
These may cause risk of human error, mismatched trades, trade failure and higher servicing
costs.
A product tailored to smaller buy side firms to enable straight through processing through a
central matching application.
83 Research aggregation service
Data for real estate and unlisted equities, which account for a large portion of wealth
management portforlios, may not be available because of formatting issues or limitations
on current optical character recognition technology.
A research aggregation service to cover these classes of assets. This service could leverage
AI and machine learning to provide customized research results and product
recommendations.
84 Automated reporting
The shareholder on-boarding, maintenance and reporting requirements in the asset
management industry is costly and prone to delays and errors.
A solution to automate the recording, transfer, and reporting of shares while reducing the
margin for human error.
7 Problem Statements on Capital Markets
85 Efficient payments settlement
The settlement of payments and trading of assets is a lengthy process.
A solution based on blockchain technology and shared ledger related technologies that will
shorten the time needed to process interbank settlements.
86 Efficient transaction settlement
The settlement of financial securities currently takes two to three days.
A solution to reduce the settlement process from the current 2-3 days to less than a minute
87 Streamlined trade settlements
Communicating the notification to settle Australian short – term money market instruments
in the Australian Securities Exchange system requires the ISIN for the instruments and
creates processing challenges.
A technical solution to enable non-members of Austraclear to easily identify the ISIN code
of the instrument they have traded.
88 Secure distributed platform
The dissemination of interest rates is manual. This slows down decision making and trade
execution processes.
A secure distributed platform to consolidate real-time rates from all banks to transact on
dynamic real – time pricing.
89 Collateral and risk management
The inappropriate use of credit mitigating techniques was at the root of the sub-prime crisis.
As a result, the banking industry is facing more stringent regulations and a higher cost of
capital.
A technical solution to enable non-members of Austraclear to easily identify the ISIN code
of the instrument they have traded.
90 Transparent distribution pricing
Retail investors of unit trusts are subject to distribution charges, which can be as high as
5% of the investment, are not transparent and highly varied even among similar types of
unit trust products.
A solution to improve the transparency and the variability of unit trust distribution costs
while leveraging technology to enhance distribution efficiency.
91 Integrated FX Marketplace
There is limited transparency on the cost of FX between different firms.
A FX marketplace with integrated Central Counterparty clearing that supports T + 1
settlement. Members would take part in FX pricing and would compete on liquidity.
9 Problem Statements on Generals
92 Compliance Testing
FIs find it challenging to leverage cloud infrastructure due to uncertainty on the regulatory
compliance of cloud service operators.
An automated compliance testing solution for cloud service operators.
93 Layered data encryption
Transactions submitted are typically encrypted for network transport and in many cases, for
storage. The data can be decrypted in its entirety by a party with the right keys. This poses
as a potential cyber security risk.
A solution to implement layered encryption so that portions of transaction data could be
decrypted by trusted parties.
94 Safe data sharing
Institutions could derive great insights from overlaying data from different types of data
sources. However, data privacy and security discourage firms from sharing and exchanging
data.
A solution to mask confidential information and attribute a common key so that
information can be aggregated and exchanged without breaching customer confidentiality.
95 Automated training
The world of learning and development is changing in the digital age.
An automated training program to result in the faster onboarding of new joiners, require
less supervision, automate compliance monitoring and respond to global developments in
real-time.
96 Automated translation
FIs produce thousands of reports for their customers automatically, the translation of these
into the customer’s local language is manual, costly, and time consuming.
A semi automated translation solution for financial institutions that enables efficient review
and workflow validation.
97 Unique transaction identification
The process of assigning a unique transaction number agreed by both parties to financial
transactions conducted OTC and bilaterally by non-electronic means is very problematic.
A smart algorithm to independently generate the same transaction number based on key
trade data inputs given by different parties.
98 Tailored training
In the financial services industry, jobs that entail menial and repetitive tasks may be
replaced by robotics in the not too distant future.
A solution to connect with HR data to identify the risky groups, match these with tailored
training solutions and identify new job opportunities.
99 Automated reports
Some operational performance reports are compiled manually through spreadsheets.
A solution to produce these reports automatically while meeting the confidentiality
requirements of a bank.
100 Automated reports
Banking operations usually involve a lot of manual work to create formatted reports from
original files provided by customers.
A technology to automate the creation of reports by categorizing information from original
files and condensing them into the required format.