Regulation Asia Awards for Excellence 2022 – Results Announcement

Regulation Asia held its 5th annual Awards ceremony on Tuesday (22 November) at Altro Zafferano in Singapore to announce the winners of the ‘Regulation Asia Awards for Excellence 2022‘.

The awards programme is held each year to recognise excellence by firms that help to ensure the highest compliance standards are upheld in the financial industry, and have shaped the regulatory landscape in Asia Pacific.

This year’s awards programme saw more than 148  submissions.

 

METHODOLOGY

 

Firms were asked to complete a comprehensive set of questions describing their solutions, projects and other efforts to meet changing regulatory requirements. Firms were invited to also submit supporting documents, references, case studies, client testimonals and other materials.

Regulation Asia’s editorial team and an external panel of 28 judges (including two anonymous) were asked to shortlist submissions that had the most merit in each category, and to offer guidance on whether the categorisation of each submission was appropriate.

The editorial team then conducted interviews with the shortlisted firms, and in some cases their clients, in order to obtain a more detailed picture of the strengths and weaknesses of each firm or solution and to enable a clearer comparison between the entrants. Some entrants were also asked for additional supporting documents to evidence the merits of their submitted solutions.

The panel of judges – comprising subject-matter experts from banks, associations, law firms, consulting firms and academia – was then tasked with assessing and scoring each submission on pre-set criteria, based on the submissions, interview data and other supporting materials collected by the editorial team during the interview process.

In the interest of maintaining independence, each judge made their scoring decisions separately without any communication with one another. All the submissions, interview data, and other supporting materials collected in the Awards process were subject to strict confidentiality.

The judges’ scores were compiled to determine the winners in each category. Each category had the benefit of multiple judge assessments, so that a consensus or majority view could be established. In categories where a winner could not be determined or where the scores were close, input was sought from additional judges. In some categories, both a ‘winner’ (1st place) and ‘highly commended’ (2nd place) were declared.

Below we present the results of the Awards process.

 

ONES TO WATCH

This category recognise new firms and solutions that are pioneering innovative applications of technology to meet regulatory requirements, but are either in an early stage of development or industry adoption.


Data Access & Exchange

Aboitiz Data Innovation was recognised for Parlay, a data exchange platform that creates a secure workspace for users to publish and access data so it can be used for analysis, modelling and product development. [Read more here]

Blockchain for KYC

ParallelChain was recognised for the development of eKYC-Chain, an innovative blockchain-based customer onboarding and KYC compliance solution. [Read more here]

Compliance Service Provider

HM was recognised for its efforts to assist firms in complying with regulatory and #licensing requirements under Singapore’s Payment Services Act. [Read more here]

Digital Asset Risk Modelling

Cloudwall Capital was recognised for Serenity, a cloud-based API and Web platform that allows its clients to run risk models and have a clear view of their exposures to digital asset risks.

AML Data Collaboration

Roseman Labs was recognised for its Virtual Data Lake software platform, which enables organisations to virtually join and analyse multiple data sources while keeping underlying records confidential.

Regulatory Reporting

Suade Labs was recognised for its work to provide a standardised approach to regulatory reporting through the use of a flexible data model named FIRE that can rapidly ingest data and then map it to an array of regulatory returns.

ESG Risk Assessment

FairSupply was recognised for its Integrated Assessment Engine (IAE), which allows companies to gain unparalleled visibility over their supply chains and investments to identify ESG risks.

 

OUTSTANDING PROJECTS

This category recognises specific project implementations and collaborative initiatives that apply innovative techniques, tools or technology solutions to address regulatory requirements and deliver value in ways that set them apart from other industry approaches.


Regulator Project of the Year

The Financial Services Agency of Japan was recognised for its efforts to enhance Japan’s AML/CFT regime including by ramping up its dialogue and cooperation with financial institutions on AML compliance matters. [Read more here]

Industry Collaboration of the Year

Accenture was recognised for its collaboration with Singapore regulators and the financial services industry on project Veritas, an initiative to create a framework to strengthen governance around the application of AI and the management and use of data.

RegTech Initiative of the Year

FTI Consulting was recognised for developing a the FTI Risk Assessment Platform, which transforms, enhances and automates the enterprise-wide risk assessment process, improves efficiency and effectiveness, and enables financial institutions to address risk comprehensively.

AML Programme Implementation

VPBank & Oracle Financial Services were recognised for the implementation of a comprehensive AML programme at VPBank, the first of its kind in Vietnam and a significant upgrade from what the bank had in place previously. [Read more here]

Fraud Analytics

UOB was recognised for developing a solution within 100 days to strengthen digital banking security, during a period when Singapore was on heightened alert for scam and fraud threats.  [Read more here]

 

REGTECH AWARDS

This category recognises early stage and startup firms that have developed innovative regulatory technology or are using technology in unique ways to help financial institutions meet their regulatory requirements and address compliance challenges.


Digital Regulatory Reporting 

Droit was recognised for enabling firms to comply with global trade reporting obligations by fully digitising regulatory text into a machine-readable format. [Read more here]

AML Risk Assessment

RegTank was recognised for a compliance solution that performs KYC and KYT procedures, enables automated risk scoring based on real-time data, and allows firms to adopt a comprehensive and advanced AML/CFT smart risk assessment process.

 

BEST SOLUTIONS – Institutional Resilience & Integrity

The category recognises solutions that financial institutions leverage to meet regulatory demands and stay compliant in areas related to institutional resilience and integrity.


Capital/Liquidity Modelling & Stress Testing

Adenza was recognised for a solution that enables financial institutions to ingest large volumes of data, enrich and auto-map the data for Basel requirements, and perform regulatory calculations, modeling, stress testing, and reporting – all from within a single platform. [Read more here]

Credit Risk Modelling

Moody’s Analytics was recognised for the combination of its RiskCalc and CreditEdge solutions, which generate highly predictive measurements of credit risk throughout the end-to-end credit life cycle, taking into account impacts from climate change and other ESG considerations. [Read more here]

Regulatory Reporting

Wolters Kluwer was recognised for its OneSumX solution, which combines bank data under a common data model to ensure consistency, reconciliation and accuracy of reporting.  [Read more here]

Risk Data Integrity and Modelling

NeoXam was recognised for its DataHub solution, which enables firms to reliably manage reference and market data flows required to facilitate risk factor modelling, scenario building, and stress-testing by financial institutions. [Read more here]

Conduct Risk Management

MyComplianceOffice was recognised for an integrated SaaS platform that automates surveillance and monitoring of misconduct risk across a firm’s legal entities, business lines, and jurisdictions. [Read more here]

Regulatory Change Management

Corlytics was declared ‘Winner’ for a solution that automates the collection, categorisation and triage of regulatory data using maching learning and NLP so that it can be served to compliance staff in an intelligent way for use to ensure regulatory compliance.

Single Rulebook was ‘Highly Commended’ for its ability to provide a single digital source for regulatory research, easing the burden on legal and compliance teams seeking to track and comply with changing regulations.

 

BEST SOLUTIONS – Fraud & Financial Crime 

The category recognises solutions that financial institutions leverage to meet regulatory demands and stay compliant in areas related to fraud and financial crime.


KYC & Onboarding

Fenergo was declared ‘Winner’ for its API-first solution that includes functionality for identity verification, data and document storage, UBO unwrapping, AML screening, and risk assessments. [Read more here]

Know Your Customer Limited was ‘Highly Commended’ for a solution that empowers regulated entities to meet their KYC, KYB and AML requirements during client onboarding and throughout the client relationship in a seamless, efficient and effective way..

KYB & Entity Resolution

Moody’s Analytics was recognised for kompany, a regtech platform it acquired in December 2021 that offers KYB data obtained from over 200 live connections to corporate registers, financial authorities and tax offices in more than 200 countries and jurisdictions. [Read more here]

Due Diligence & Third Party Risk

S&P Global Market Intelligence was declared ‘Winner’ for a web-enabled platform for managing end-to-end third-party risk which is now used by over 200 financial services firms. [Read more here]

Exiger was ‘Highly Commended’ for its DDIQ solution, which automates the identification, validation and analysis of global risk indicators to help financial institutions vet their customers with highly efficiency and effectiveness.

Client Lifecycle Management

Fenergo was recognised for its CLM platform, which manages all the events in the client lifecycle end-to-end, including initial prospecting and digital account opening through to KYC refreshes, new product onboarding, and ongoing due diligence. [Read more here]

AML/CFT Data & Analytics

NICE Actimize was declared ‘Winner’ for enhancements to its AML solutions to increase the use of different data attributes, predictive models and advanced analytics to identify high-risk relationships, suspicious transactions and networks.

Quantexa was ‘Highly Commended’ for its Contextual Decision Intelligence (CDI) platform, which leverages advanced analytics and AI/ML to enhance AML processes, risk detection, and identify suspicious patterns and potential criminal networks,

Trade Compliance

LexisNexis Risk Solutions was recognised for a comprehensive solution that help banks detect entities associated with money laundering, sanctions, terrorism, and other financial crime risks in their trade finance businesses. [Read more here]

PEPs, Sanctions & Name Screening

Refinitiv, an LSEG business, was declared ‘Winner’ for its World-Check Risk Intelligence platform, which is used by over 10,000 clients, including 49 of the world’s top 50 banks. [Read more here]

Dow Jones Risk & Compliance was ‘Highly Commended’ for a web-based tool that performs full due diligence on potential customers and connected parties, as well as ongoing monitoring and batch screening.

Anti-fraud

LexisNexis Risk Solutions was recognised for its fraud detection and prevention technology offered under an enterprise solution for digital identity intelligence and digital authentication. [Read more here]

Payments Fraud Prevention

Swift was recognised for Payment Controls, which helps financial institutions detect payment anomalies in real time that can be indicative of fraud or operational errors. [Read more here]

Tax Reporting

Regnology was recognised for FiTAX, an end-to-end modular solution that enables financial institutions to comply with their reporting obligations under various tax regimes. [Read more here]

 

BEST SOLUTIONS – Markets and Infrastructure

The category recognises solutions that financial institutions leverage to meet regulatory demands and stay compliant in areas related to markets and infrastructure.

 

Market & Trade Surveillance

Nasdaq was recognised fo both its market surveillance and trade surveillance solutions, which are seen as global gold standards to help financial institutions detect manipulation, insider trading and other abusive trading practices.

Initial Margin Compliance

S&P Global Market Intelligence was declared ‘Winner’ for an end-to-end workflow SaaS tool that delivers a complete margin ecosystem which enables regulatory compliance with UMR. [Read more here]

OSTTRA was ‘Highly Commended’ for triCalculate, triResolve and triResolve Margin, which collectively help firms solve UMR compliance challenges, delivering high levels of automation & STP in the process.

Reference Data Provider

ICE Data Services was recognised for its provision of high-quality reference data, including identification and settlement information, global terms and conditions, and cross-reference security identifiers, on over 35 million financial instruments covering more than 210 markets.

Shareholding Disclosure

FundApps was recognised for its Shareholding Disclosure Service, which monitors disclosure requirements for major shareholding, short selling and takeover panels, and accurately alerts market participants to new disclosures that need to be made based on position data.

Trade Reporting

DTCC was recognised for DTCC Report Hub solution, which simplifies and automates pre and post trade reporting capabilities for compliance with regulations under 14 jurisdictions globally. [Read more here]

Corporate Actions

S&P Global Market Intelligence was recognised for its corporate actions data and processing solutions, and its ability to automate corporate actions processing. [Read more here]

 

BEST SOLUTIONS – Virtual Assets

The category recognises solutions that financial institutions leverage to meet regulatory demands and stay compliant in the virtual assets sector.

 

Blockchain Analytics

Elliptic was recognised for a holistic screening solution that allows the proceeds of crime to be automatically traced across and between all blockchains, counterparties and crypto assets concurrently .

KYT/Transaction Monitoring

Chainalysis was recognised for its compliance suite, which enables continuous transaction monitoring for all cryptocurrency assets and the detection of patterns of high risk activity. [Read more here]

Market & Trade Surveillance

Eventus was recognised for Validus, a real-time trade surveillance and market risk management platform that is used extensively by digital asset exchanges globally. [Read more here]

Travel Rule Compliance

Notabene was recognised for a solution that enables firms to immediately identify transactions that fall under the Travel Rule requirement, automate counterparty due diligence, and seamlessly and securely exchange and store Travel Rule data. [Read more here]

VASP of the Year

Amber Group was recognised for WhaleFin, which offers institutional grade security controls and was the world’s first digital asset platform to achieve the SOC2 certification, and its Web3 enablement platforms.

 

BEST SOLUTIONS – ESG & Sustainability

The category recognises solutions that financial institutions leverage to meet regulatory demands and stay compliant in the areas related to ESG and sustainability.

 

ESG Initiative of the Year

SGX was recognised for the launch of ESGenome, an ESG disclosure portal designed to facilitate sustainability reporting for listed companies and address investor needs for a consistent and reliable source of comparable ESG data. [Read more here]

Disclosure & Regulatory Reporting

Moody’s was recognised for its regulatory data solutions that were designed to help asset managers and financial institutions obtain the datasets needed to inform regulatory reporting, as required by the Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy.

ESG Data

Moody’s was recognised ESG360, a data platform that provides portfolio managers access to transparent, reliable and decision-relevant climate and ESG data for 10,000 large companies globally, enabling them to identify and quantify ESG risks and opportunities.

ESG Scores & Ratings

Moody’s was recognised for ESG Score Predictor, which can generate predicted ESG scores for any target entity in the world by inputting basic metrics on company size, sector, and location – based on three decades of data gathered from its ESG assessments.

 

INDUSTRY AWARDS

This category recognises market infrastructures, exchanges, service providers, industry bodies, and other stakeholders that have made contributions to regulatory reform processes or facilitated compliance with regulatory requirements and objectives.

 

Market Infrastructure of the Year

DTCC was recognised for its Global Trade Repository service (GTR), which through locally authorised trade repositories processes an estimated global market share of over 80 percent of reportable derivatives and securities financing transactions. [Read more here]

Exchange of the Year

SGX was recognised for demonstrating resilient operations, the launch of its SPAC framework, collaboration on cross-border trading links, and its sustainability initiatives. [Read more here]

Data Provider of the Year

S&P Global Market Intelligence was recognised for its provision of diverse datasets and solutions, and enabling firms to calculate issuer-level valuations at both the country level and across 55 subsectors. [Read more here]

Law Firm of the Year

Gibson Dunn & Crutcher was recognised for its work as a trusted adviser to its clients, providing them with end-to-end regulatory support on their most complex matters, spanning both contentious and non-contentious issues. [Read more here]

Consulting Firm of the Year

Synpulse was recognised for its client-centric approach to helping financial institutions achieve regulatory compliance and risk management objectives, leveraging a risk-based approach, organisation agility, process efficiency and technology driven innovation. [Read more here]

Compliance Training Providers of the Year

ACAMS was recognised for its work to improve AML detection, prevention and enforcement through its training programmes and certification, a highly sought after credential globally. [Read more here]

Compliance Service Provider of the Year

ComplianceAsia was recognised for  providing clients with comprehensive regulatory and compliance support, including in areas covering regulatory licensing, regulatory inspections, compliance training, AML and ESG. [Read more here]

Industry Association of the Year

ICMA was recognised for its extensive work to develop and introduce standards for green bonds, social bonds, sustainability bonds, and sustainability-linked bonds, as well as its work on Hong Kong’s new rules for bond book-building and placing activities. [Read more here]

Outstanding Contribution to Regulatory Reforms

ISDA was recognised for its leadership role to develop and mutualise cost-effective solutions to support regulatory compliance, including in areas like LIBOR transition, UMR, and reporting reporting, among other initiatives.[Read more here]

 

SPECIAL THANKS


Regulation Asia
would like to offer our sincerest thanks to our judges for their time, dedication and hard work throughout the judging process.

The judges included Douglas W. Arner, Philip Keller, Natalie Curtis, Derek McGibney, Mark Nuttall, Kristi Swartz, TK Yap, Reuben Athaide, Rashmi Dubier, Jamil Ahmed, Richard Carrick, Grace Chong, Beaver Chua, Bill Coen, John Ho, Brian Tang, Guy Sheppard, Martin James Wallis, Lapman Lee, Irene Liu, Prashant Joshi, Dawd Haque, Will Tully, David Harrington, Chris Holland – and two others who elected to remain anonymous.

In recognition of the considerable effort that was put in from across the industry to participate in the Awards programme, we would also like to thank all the teams from all the firms who entered a submission.

Regulation Asia is honoured to have developed the Awards platform in a way that meaningfully recognises the work the industry does each year to keep up with rapidly changing regulatory requirements.

To see the 2021 winners, click here.

To see the 2020 winners, click here.

To see the 2019 winners, click here.

To see the 2018 winners, click here.

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