Tookitaki Wins 2020 WITSA Digital Innovation Award
Tookitaki has won the 2020 Digital Innovation Award from the World Information Technology and Services Alliance (WITSA) as part of the industry body’s Global ICT Excellence Awards. Nominated by Singapore’s SGTech, Tookitaki won the recognition for its adv...
Money Laundering via Cryptocurrencies: All You Need to Know
Technological advancements have given criminals faster and safer options to wash their ill-gotten money. There is no doubt that cryptocurrencies are very useful technology innovation that helps individuals and institutions access financial products and services in a faster and cost-effective manner. However, their rise as alternative value transfer and investment tools raises money laundering concerns as well. While they may not be a competitor to fiat currency in terms of laundering volume at present, the ever-increasing use of cryptocurrency and their unregulated or less-regulated nature in many jurisdictions mean that the financial world has a lot to worry about. The same is echoed in the 2019 meeting of the G20 Finance Ministers and ...
CNA 938 radio interviews Tookitaki Co-founder Jeeta Badopadhyay
Tookitaki Co-founder and COO Jeeta Bandopadhyay was named among the Singapore 100 Women in Tech (SG100WIT) List in September 2020. A collaboration between the Singapore Computer Society (SCS), IMDA, SG Women in Tech and Mediacorp, the inaugural SG100WIT List recognises the contributions of women in the tech sector.
In an interview with CNA 938 radio recently together with Sharon Teo, co-founder and managing director of Inspire-Tech Pte Ltd, Jeeta shared more around her journey, entrepreneurial ambitions for Tookitaki as well as destigmatising that not all startup founders need to be technologists.
Here are the excerpts from the interview.
Q: With a background in marketing and communications, how did you develop those tech skills to cofound a tech company that raised more than $19 million in funding last year?
Jeeta: After completing my masters’ programme in literature and post-graduation in marketing and communications, I was into my dream job with one of the largest media conglomerates in India. As part of my job, I developed a strong fondness for the startup ecosystem. Then I met my business partner, Abhishek Chatterjee, the Founder & CEO of Tookitaki, who inspired me and helped me erase a large set of doubts I had to pursue entrepreneurship. I decided to get in and make a meaningful impact in the world of financial services. I was doing an AI startup with no technical background but I started with the role of a business enabler where I had to wear different hats to ensure that business continues to grow, engage and retain clients, enable marketing initiatives, and enable a cult...
Need for New Customer Risk Rating Models: Not All Customers Are Cre...
Being estimated at between US$800 billion to US$2 trillion every year, money laundering is a serious problem for the global economy. While regulators and financial institutions are working hard to prevent and reduce the crime, launderers are becoming increasingly sophisticated and are introducing techniques that are harder to decode. Changing customer behaviour and the introduction of numerous digital transaction methods add to the AML compliance worry of banks. The COVID-19 pandemic has also been playing its role, as criminals adapt their strategies to the unforeseen situation. We have earlier written about rising number of cybercrimes and fraud schemes across the globe, where criminals take advantage of the people’s scare, helplessness, and the need for immediate financial assistance and medical supplies among others.
AML compliance failures are seemingly on the rise as AML fines in the first six months of 2020 reached US$706 million, up from US$444 million in the entire 2019, according to research. It was also revealed that customer due diligence (CDD), AML management, suspicious activity monitoring and compliance monitoring and oversight are the areas where firms are going wrong repeatedly. The need of the hour is a new AML compliance approach, powered by modern technologies such as AI and machine learning. Tookitaki has developed various solutions pertaining...
Is AML Compliance Heading for a New Normal in the Age of Digital Pa...
Increased digitization has influenced various businesses and brought in a paradigm shift in the way they create business models and approach growth opportunities. Moving away from conventional transaction modes such as cash and checks, banks and FIs across the globe are increasingly adopting digital means of payments. Technology also paved the way for many digital payment methods such as pre-paid cards, mobile payments and internet payment services, commonly referred to as New Payment Methods (NPMs). In some countries, they have emerged as viable alternatives to the traditional financial system. While these NPMs enhanced the ease and speed at which funds are accessed and transactions are made, they opened up new avenues for fraudsters to...
Excel to AI: How Reconciliation Tools Evolve for Better
In the world of finance, reconciliation is the process of comparing two related sets of records or two accounts at the end of a specific accounting period to find out if account balances are matching in both records. Periodic reconciliation of accounts is an importan...
