Sinpex’s Vision for the Future: Revolutionizing Compliance in Financial Services

Joining me now is Camilo Verdi, founder and CEO of Syntax.

So first of all, congratulations on your award.

Patricia, thank you very much for having me.

Thank you.

Tell us about that.

Um, this was a pitching event here at the Money 2020 and it was really competitive, um, and I'm extremely happy that we made it.

Yeah, I can imagine it that it's very competitive.

I saw that startup hub too.

There were so many different startups so you know let's talk about what you guys do we constantly hear about this growing compliance burden so how do you help financial institutions navigate this?

Yeah, this is an increasing challenge in the market right now and there's a massive.

Need getting all the regulatory requirements let's say handled and um so far it's mainly manual back office job very repetitive very manual reviewing documents and this is what Simex is resolving um we extract targeted information from documents make it traceable, make it auditable and uh helping that, um, to speed up being in compliance and uh prepare all the organizations to scale.

Ah, OK, so you know, many have said compliance is a necessary evil.

It's a cost center, but you say it's actually a strategic necessity.

Tell us more about that.

That's true um so what we currently see in the market there, this is a field of tension so on the one hand you have increasing regulation, putting more and more pressure to be compliant checking sanctions, checking uh political expert persons in the background.

Identifying the right ultimate beneficial owner, so this takes time, um, and the consequences on the other side, um, it makes the the on boarding very slow, um, so it's an ongoing check in the background and the other side is you have the consumers and the customers and they expect a seamless fast onboarding experience and there's two tensions is that they're just contradicting and this is really putting a strategic advantage.

Um, Yeah, if you do that right, you just have a strategic advantage in the market, have a better experience in onboarding, getting basically your product faster to the customer and then also make um yeah.

Reduce the time to revenue.

Right, making it frictionless.

Exactly.

So I, I imagine that you know AI we keep hearing about this AI buzz.

I imagine that's a big part of what you do because of all the R&D I believe that you guys have done.

So tell us a little bit about that AI infrastructure and what makes it different, unique.

Yes, so we, we leverage AI um in a way that we.

Act like a human analyst, um, so what we have seen in the past there are third party providers providing data, but the problem in compliance is it needs to be accurate and needs to be, um, yeah, the most recent information it doesn't really help if you have outdated data so we leverage AI in a way that we extract from documents in real time targeted information which you need for your compliance assessment.

And we invested heavily into that capability um we developed that over the last 5 years and we're very proud that we can now roll it out across Europe we can handle different languages, understand different.

Um, document types from France to the Netherlands to German documents and you can imagine it's super complex, different languages, different company types, legal legal forms, different regulations, yes, yes, and this is where AI can help and actually outperforms human analysts.

So you guys started in 2019 and as you roll this out, what kind of traction are you seeing?

Um, yes, we started off 2019.

Um, the, the space was not so crowded, um, but we see increasing competition, we see, uh, increasing demand, and especially we see, uh, there's a, it's a huge momentum right now because in 2027 we have a new EU money laundering Act upcoming so it's an extra push from the regulatory side and this is just, yeah, now very.

Very intense time.

Uh yes, I see very many long hours ahead for you. um, so as we head into this increasingly complex time, what are the key differentiators for your customers?

So, um, I think our key differentiators that we.

Put everything on primary documents so we put primary documents first. um, this gives that big advantage that what we automate is fully compliant so you don't have to put in human beings there checking it and we have full outage trail and to basically data collection in real time.

And looking ahead, what is your vision for some tech and how do you plan to get there?

Um, so we see a global shift in regulation.

Um, we, we, we do understand the dynamics of regulation and, um, our vision is clearly.

Expanding abroad, expanding across Europe now, um, and making KYB the onboarding as seamless as possible.

Right.

Well, we certainly need that in this really rapidly evolving landscape.

Yes, yes, thank you so much, Camilo.

Thank you.