FCC Analytics looks to tap Indian financial market with transaction monitoring solutions

Hong Kong, Nov 4 (PTI) FCC Analytics is looking to enter the Indian financial markets to offer tech enabled solutions aimed at suspicious transaction monitoring, a company official said on Tuesday.

Hong Kong-based FCC Analytics works with banks to offer services like AI-driven KYC, Anti Money Laundering (AML) solutions, and customer due diligence, among others, to monitor transaction activities, Rico Tang, Chief Corporate Development Officer at FCC Analytics, said.

He made the remarks during an interaction on the sidelines of the Hong Kong FinTech Week.

"We are currently present in Hong Kong where we have our headquarters. We are also working with banks and virtual asset trading platforms in Singapore and Australia," Tang told PTI.

When asked about interest in Indian market, he said the country is moving ahead with digitisation.

"Yes we may explore the Indian market in coming time," Tang added.

As per industry estimates, money in the range of 1-2 per cent of the global GDP is being laundered on an annual basis, he said, adding the concerned agencies are able to track and recover only a small portion of it due to the complex network involved in movement of the money.

"We use AI tools for transaction monitoring and customer due diligence, and prepare a suspicious transaction report," Tang said.

India is definitely a market where FCC Analytics would work in the coming time, he further said.

Tang also informed about a pilot programme, Federated Learning, which allows banks to train AI models and share results to improve their AML capabilities without revealing sensitive customer data.

"The first part of the programme has been funded by Hong Kong Monetary Authority (HKMA). Now we are working with livi bank and Airstar Bank on the programme," he said. PTI ABI HVA