RegTech firm Identitii Limited (ASX:ID8) has won the Sibos Discover Pitch Perfect competition for its work to increase financial inclusion and reduce the human impact of financial crime.
The three-stage competition culminated in a live pitch at the virtual Sibos event last week, during which Identitii demonstrated how it is helping reverse the correspondent banking decline, by making it safer and easier for correspondent banks to conduct business in high risk markets.
The Sibos Discover Pitch Perfect Competition was designed to help promote innovative FinTech and RegTech companies to more than 22,000 Sibos delegates representing 10,000 institutions from 212 countries.
CEO John Rayment said Identitii is bridging the gap between the growing demand from regulators and customers to see more information about financial transactions, and the inability of legacy technology to securely exchange critical information.
Overcoming this technology fragmentation can ease the burden of regulatory compliance, reduce financial crime and increase financial
Identitii is on a mission to help reverse the global correspondent banking decline, which has seen banks remove services from certain countries as it is too costly and risky to ensure AML and CTF compliance. The unfortunate result is that banks miss out on business and entire countries are unable to access the global financial system,” Mr Rayment said.
“I am immensely proud of the team for the work that went into winning this pitch, which not only validates our new strategy but will provide us with access to the global Sibos network of banks and to a number of brand awareness activities to support our sales and marketing strategy.”
Sibos is the world’s largest financial services and FinTech conference, run by SWIFT. In 2019 it attracted 11,500 C-suite and business decision makers to the in-person event in London, and this year attracted over 22,000 delegates to the virtual event. Delegates come from over 10,000 institutions and 212 countries, and the event is a unique opportunity to significantly increase brand awareness, progress sales conversations and drive new business development activities for Identitii.