Exate Technology has been recognised as ‘One to Watch’ for pioneering new Data Privacy technology in the inaugural Regulation Asia Awards for Excellence 2018 at a ceremony in Singapore on 13 November 2018.
With the emergence of the European Union’s General Data Protection Regulation (GDPR), regulators around the world including in Asia Pacific have increased their scrutiny on regulating how financial institutions are handling customer data. Stricter requirements, larger potential penalties and reputational risk considerations have forced financial institutions to look to new technologies to ensure data security.
Following three years of developing its technology, Exate has come up with a potentially revolutionary solution for protecting data on an attribute by attribute basis. The firm provides a plug-and-play toolbox solution which enables an automated permissions check on individual data attributes (such as name, surname, identification number) as data enters any web-based application. This is done by placing metadata around each attribute specifying rules which determine who can see what data and from what location it can be seen.
The highly customisable metadata rules are controlled on the Exate Rule Engine from a centralised location, and allow access rights to be specified on the basis of country, firm or individual levels. This enables organisations to comply with privacy regulations, record retention laws, cross-border restrictions, firm policies, the right to be forgotten – all from within a single platform. Exate also provides immutable forensic proof of everyone who accesses, or attempts to access, the data by logging access requests on a blockchain.
By allowing for the safe use of cloud-based and third-party applications to access any data, at any scale, Exate firm has generated enormous interest from organisations in various industries and has already implemented proofs of concept with major banks in London, New York, Singapore and Hong Kong.
In a rigorous selection process involving the Regulation Asia editorial team and a judging panel made up of subject-matter experts, it was decided that Exate receive the ‘One to Watch’ recognition for its achievements so far, and in anticipation of rapid growth in the next 12 months.
About the Regulation Asia Awards for Excellence 2018
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
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