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The fintech ecosystem in the Asia Pacific is witnessing significant growth in recent years. This wave of new technologies is also changing the behavior of financial regulators, specifically around money laundering evaluations by Asia/Pacific Group on Money Laundering (APG),which is having a profound impact on how financial transactions are conducted worldwide. As a leading RegTech and computer auditing company in the Asia Pacific, JACKSOFT specializes in innovative RegTech solutions leveraging AI. With partners scattered across Tokyo and Dubai, the Taiwan-based company has served more than 800 organizations and 1000+ licenses for the RegTech software. The company’s client base comprises big international public accounting firms and internationally renowned banks and financial institutions.
JACKSOFT’s array of RegTech products comprise JGRC-Governance, Risk and Compliance System series, and JBOT-Intelligent Robot for Compliance series including JBOT for anti-money laundering (AML) or JAML as well as a solution for combating the financing of terrorism (CFT).“Effective AML/CFT regimes are essential to protect the integrity of markets and the global financial framework. For this, clients need to comply with a set of procedures, laws, and regulations through their internal control system,” says Sherry Huang, CEO of the company. JAML aims to assist auditors to comply with these regulations and check millions of transactions and customer data, which is a knowledge sensitive and high-risk area. This way, JAML saves time and costs in carrying out complicated tasks.
JBOT aims to assist auditors to comply with these regulations and check millions of transactions and customer data, which is a knowledge sensitive and high-risk area
The JAML system implementation is based on a continuous monitoring and auditing approach. The new service model with the CPA firms also makes a win-win situation between the company and accounting firms. JACKSOFT also sees the Regtech as a big potential feature and will continue to invest in the new Regtech such as Self-Assessment System, IT Security/FCPA/GDPR Compliance, and such. The company has been grateful for the assistance and research grants support provided by Ministry of Economic Affairs, Taiwan over several years. This innovation has shown how RegTech can be used in the Asia Pacific financial institution to assistant AML/ CFT compliance, even when language and culture different. “This not only has enormous potential for cost savings but is also changing financial regulators’ behavior in the entire area industry,” adds Huang.
JACKSOFT is helmed by Huang who has worked as a Chief internal auditor and Chief accountant for public companies over the years. She has also significantly contributed toward the growth of the overall financial and auditing industry in the Asia Pacific.