SGX Mainboard-listed Credit Bureau Asia Limited (“CBA”, “亚洲征信有限公司”, and together with its subsidiaries, the “Group”), a leading player in the credit and risk information solutions market in Southeast Asia, is announcing that its subsidiary, Dun & Bradstreet (Singapore) Pte Ltd (“D&B”) is collaborating with Contextual Decision Intelligence pioneer Quantexa to enhance the compliance and anti-money laundering efforts of Financial Institutions, Insurance Companies, Government entities, and Multi-national Corporations based in Singapore.
Both D&B Singapore and Quantexa will be introducing Compliance and Risk Solutions through this partnership to enable companies to unlock the value of contextual decision intelligence and increase investigation efficiency, optimize their compliance processes and better address regulatory demands.
Ms Audrey Chia, CEO of Dun & Bradstreet Singapore, commented: “With the growing complexity of compliance risks and fraud globally, it is increasingly important for financial institutions, multi-national corporations and government entities to establish robust, digitally enabled and data-driven compliance programmes. Combining Quantexa’s advanced solutions and D&B’s comprehensive data, we believe we can help companies automate their compliance processes through artificial intelligence, reduce losses arising from compliance risks and keep their compliance efforts sustainable in the long-term.”
According to PwC’s global economic crime and fraud survey 2020 covering 5,000 respondents across 99 territories, 47% of companies experienced a fraud in the past 24 months, with a combined total loss of US$42 billion with 13% of the respondents losing more than US$50 million, and yet only 56% of them conducted an investigation into their worst fraud incident. In Singapore, economic crime is on the rise, increasing from 16% in 2005 to 42% in 2020, which is only slightly lower than the global average of 47%.
Dun & Bradstreet and Quantexa partner to provide a single contextual view of data across directors, shareholders, and beneficial owners in their global dataset. Quantexa’s software enables Network Linking, applying AI and graph-based analytics to discover hidden risk which improves trusted operational decision making across areas such as KYC, AML and counter Fraud.
Source: Credit Bureau Asia news
Quantexa is a global data and analytics software company pioneering Contextual Decision Intelligence that empowers organizations to make trusted operational decisions by making data meaningful. Using the latest advancements in big data and AI, Quantexa’s platform uncovers hidden risk and new opportunities by providing a contextual, connected view of internal and external data in a single place. It solves major challenges across data management, KYC, customer intelligence, financial crime, risk, fraud, and security, throughout the customer lifecycle.
The Quantexa Contextual Decision Intelligence Platform enhances operational performance with over 90% more accuracy and 60 times faster analytical model resolution than traditional approaches. Founded in 2016, Quantexa now has more than 500 employees and thousands of users working with billions of transactions and data points across the world. The company has offices in London, New York, Boston, Washington DC, Brussels, Toronto, Singapore, Melbourne, and Sydney.