Banking Platform Oxygen Selects Tookitaki as its Primary AML Solution

• Tookitaki equips Oxygen to stay ahead of the regulatory environment, combat crime and be effective in meeting its AML compliance obligations

Singapore, November 19, 2021 -- Tookitaki, the regtech company that harnesses Artificial Intelligence to drive its Compliance Platform as a Service (CPaaS), has been selected to provide the primary solution in fighting money laundering by Oxygen, the rapidly growing US-based digital banking platform.

Oxygen has chosen Tookitaki’s award-winning Anti-Money Laundering Suite (AMLS) to monitor consumer and business product lines - designed for digital natives, innovators and entrepreneurs building the 21st century economy.  Tookitaki is enabling effective compliance given Oxygen’s explosive growth, fuelled by the recent launch of a revised loyalty program called “Elements” as well as numerous additions to its business offerings.

Digitalisation of banking transactions has complicated efforts to fight money laundering and only a fraction of the estimated $2 trillion of illicit transactions are detected each year. Unburdened by legacy systems, new banking platforms are turning to new technologies which allow them to balance the imperatives of AML compliance with the flexibility to grow their business through innovative products and services. Rules-based AML systems are ill-adapted to ensure they keep pace with new operational risks and regulatory demands.

Hussein Ahmed, Founder and CEO at Oxygen, commented: "In Tookitaki we found an AML solution ideally suited to accompany our growth trajectory. Its framework enables the rapid and effective deployment that we need with the agility to adapt to new money-laundering trends and the evolving compliance environment. It was vital for us to have a solution that immediately delivers efficiency through accuracy, particularly in minimising the number of false positive alerts generated by our transaction monitoring and KYC screening.”

Tookitaki’s AMLS is an end-to-end operating system driven by machine learning which is proven to allow financial institutions to build comprehensive risk-based AML compliance programmes. Among AMLS’s unique features is its integration of Tookitaki’s powerful Money Laundering Typology Repository, which collates the latest intelligence on new financial crime techniques from AML expert partners across the globe.

Abhishek Chatterjee, CEO & Founder, Tookitaki, said: "We’re delighted that Oxygen has seen how our new-age technology can significantly improve how financial institutions prevent money laundering by criminals and terrorists - now and in the future. Our experienced and expert team is thrilled to be protecting Oxygen with our AMLS solution.”

Note to Editors:

About Oxygen

Oxygen is a modern financial platform designed for the 21st century economy - providing digital natives, creators and entrepreneurs pushing everyday boundaries a banking partner that understands how they live and work by offering a seamless user experience for both personal and business accounts that makes them feel in their element. Available on iOS and Android, Oxygen offers users early direct deposit, simple transfers, cashback rewards and robust savings options in addition to everyday retail and travel benefits. Businesses can easily control their finances with integrated solutions that are elegant, simple and secure. Reject ordinary. Banking for the Extraordinary.

Based in San Francisco, Oxygen is backed by Runa Capital, Y Combinator and other leading fintech investors.

Banking services provided by The Bancorp Bank, Member FDIC. (Mandatory)

For more information, visit www.oxygen.us and follow us on Instagram, Twitter and Facebook.

Media Contact:

For further information, please contact:

Tookitaki – Chris Sherlock

Email: press@tookitaki.com

Oxygen – Rae Wu

Email: info@getoxygen.com