Singapore, 23 January 2025 – U-Reg is delighted to announce the successful completion of an Industry Pilot carried out as part of the Monetary Authority of Singapore (MAS) Digital Acceleration Grant (DAG) program. This collaborative effort, focused on “Onboarding Automation,” brought together five regulated financial institutions to enhance the U-Reg platform. The outcome of this project is further automation of onboarding and KYC (Know Your Customer) processes, which included automated document gathering, data retrieval, risk evaluation, automated screening, replacement for email-based collaboration, automated document generation, and management of document expirations as well as recertification cycles.

Presentation of the program

The DAG Industry Pilot Track aimed to co-fund joint projects by multiple smaller FIs to customize an existing solution with a solution provider, and then implement the solution within their respective institutions.

Novum Financial Technologies was awarded the Digital Acceleration Grant (DAG) on 20 January 2023, which provides funding support for the collaboration between BIM Asset Management, Novum Financial Technologies, Paladigm Capital, Pierfront Capital Fund Management, Ternary Fund Management and U-Reg to develop digital solutions to strengthen operational resilience, process efficiency, risk management and customer service. The DAG is part of the Financial Sector Technology and Innovation scheme under the Financial Sector Development Fund administered by the Monetary Authority of Singapore.

The DAG Industry Pilot Track empowered U-Reg to significantly enhance automation and deliver improved solutions to our clients, building upon the automation and digitization already achieved by the prior iteration of the U-Reg platform.

Problem Statement and Enhancement

Regulatory processes, of which onboarding, remain manual. Being compliant is stressful, tedious and unfriendly. Current manual processes create unnecessary complexity, which translates into significant inefficiencies and risks across organizations. Human errors are in addition numerous because of manual processes.

Through this program, U-Reg in collaboration with the awarded Financial Institutions automated further the U-Reg platform by adding new features to the following processes: workflows, document collection, data collection, data update, AML screening, document generation and recertification cycles.

Quotes

Carrie CHOY, Executive Director Singapore, Novum Financial Technologies: “The automation of KYC forms and data processing has transformed our onboarding experience. Prior to this implementation, managing KYC compliance requirements was a labor intensive process. The new automated system has dramatically reduced processing times while minimizing manual errors. This dual improvement in speed and accuracy helps us maintain strong regulatory compliance while delivering a streamlined, friction-free onboarding journey for our clients.“

Novum Financial Technologies

Novum Financial Technologies represents xpate in Singapore. xpate is an e-wallet system both for business customers who aim to make the financial sphere of their lives comfortable and hassle-free. xpate makes the payment process easier, faster and accessible to everyone uniting all payment methods in one account.

U-Reg

Founded in December 2019, U-Reg is a Singapore based RegTech firm. U-Reg holds Fintech certification from the Singapore Fintech Association (SFA).

Built on the “input once, report to many” principle the U-Reg platform automates and simplifies manual repetitive processes in regulatory workflows while improving the quality of the data and reducing mistakes.  The platform supports seamless data gathering, intelligent and configurable data processing, as well as publishing capabilities. It facilitates regulatory multi-party collaboration, with strong access control and audits. By using U-Reg, financial institutions gather and manage data of higher quality, collaborate and report with ease and confidence.

U-Reg’s accolades includes being nominated to the RegTech100 2023 and ESGFinTech100 2023 lists. U-Reg is also a finalist of the COP28UAE TechSprint in 2023 organised by the BIS and the UAE Central Bank, a finalist at the Global Fintech Awards of the Singapore Fintech Festival 2022 and 2023, a finalist in 2023 of Harbinger2023 organised by the Reserve Bank of India and the winner of the 2021 Digital Accelerator Program organized by the Investment Management Association of Singapore (IMAS).