SC Ventures, Standard Chartered’s innovation, fintech investment and ventures unit, is investing in AI-powered regtech Silent Eight.
In total, Silent Eight is raising an oversubscribed $6.2m in its Series A round.
Go deeper with GlobalData
Existing investor Wavemaker Partners leads the fund-raising round. Other participating investors include OTB Ventures, as well as existing investors.
Standard Chartered is Silent Eight’s most significant live deployment. After a successful proof of concept the firm’s solution was implemented in 2018.
Specifically, Silent Eight is optimising the bank’s name screening process at scale. Moreover, this covers all business lines, in over 40 markets, including the US, UK, Singapore, and Hong Kong.
Alex Manson, Global Head, SC Ventures, says: “The complexity of our financial system creates a demand for technologies that make financial crime compliance both more effective and more efficient. Silent Eight uses Artificial Intelligence to improve financial institutions’ name screening process, hence enabling better decisions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“By investing in Silent Eight, we will help them scale across our footprint. And we participate in an area of growth seeing huge investments by financial firms. It also supports our overall commitment to the global fight against financial crime.”
Martin Markiewicz, CEO, Silent Eight adds: “With our product, the name screen process, payment screen process and transaction monitoring process, all these things that banks do to fight financial crime, can be done much faster and with way less errors. The consistency of these investigations is much higher, and they are going through much much faster.”
Standard Chartered partners Quantexa
On 13 November, Standard Chartered said that it was teaming up with contextual decision intelligence software company Quantexa. Stan Chart is tapping Quantexa to use big data analytics and artificial intelligence to combat financial crime globally. The bank says that the deal enables it to conduct complex financial thematic investigations more efficiently and effectively.
