Leading regulatory compliance tech company and HPE Technology
Partner, Tookitaki, leverages HPE GreenLake to deliver enhanced AI
and machine learning-based anti-money laundering solution to
financial institutions across Asia-Pacific
Hewlett Packard Enterprise (HPE) today announced a key
collaboration with Tookitaki, a leading provider of compliance
solutions for the financial services industry, to provide a new
offering designed for banks and financial institutions across
Asia-Pacific. The new offering delivers Tookitaki’s artificial
intelligence (AI) powered anti-money laundering (AML) solution in a
secure and flexible as-a-service consumption model using HPE
GreenLake for Big Data.
The new solution enables financial institutions to create a
central big data platform that can perform AML data analytics and
enable AI AML solutions. Delivering the solution as a service
through HPE GreenLake affords banks the agility, flexibility and
scalability of a cloud experience while providing increased
control, cost effectiveness and governance when deploying
AI-optimized infrastructure platforms and solutions on-premises.
UOB, a leading bank in Asia, is the first financial institution in
the world to have chosen Tookitaki’s AML solution on HPE GreenLake
to enhance the bank’s AML system through AI. UOB customized
Tookitaki’s AI solution to meet the bank’s needs.
Through the collaboration with Tookitaki and HPE, UOB was able
to pioneer an AI-enhanced AML system which concurrently applies two
AML risk dimensions – transaction monitoring and name screening.
UOB screens 60,000 account names monthly using the technology to
determine if they belong to the individuals or entities on global
regulatory watch lists. UOB’s AI-enhanced AML system can now
pinpoint more accurately higher-priority cases from the more-than
5,700 average monthly suspicious transaction alerts flagged1. This
enables the bank to deploy more deliberately and swiftly the
necessary resources in investigating potential money laundering
attempts. The models used for name screening and transaction
monitoring have achieved 96% prediction accuracy in the ‘high
priority’ category.
“Moving from a successful pilot to implementation with UOB is a
testament to our collaboration with HPE to optimize machine
learning-powered anti-money laundering solutions for financial
institutions,” concluded Abhishek Chatterjee, Co-Founder & CEO,
Tookitaki, “Together with HPE’s deep domain expertise in big data
as-a-service and developing solution blueprints to rapidly design
and deploy AI solutions, our systems use a combination of
distributed data-parallel architecture and machine learning to
ensure scalability across multiple layers of technologies and
systems. Banks are able to benefit from this collaboration by
implementing high module accuracy systems to ensure they are
staying compliant at a time when organizational growth and business
continuity are crucial to success.”
Following this successful collaboration with UOB, HPE and
Tookitaki are poised to support other banks and financial
institutions across Asia-Pacific, who are seeking the business
benefits of an enhanced AML solution delivered with the flexibility
of an as-a-service model.
“By complementing Tookitaki’s expertise in regulatory compliance
with our data analytics platform and our as-a-service offering, HPE
GreenLake, we are able to seamlessly bring real world AI solutions
that can yield business outcomes to our financial institution
customers across the region,” said Khai Peng Loh, Hewlett Packard
Enterprise’s General Manager of Asia Pacific Solution Sales. “We
look forward to helping our customers better manage regulatory
risks.”
HPE GreenLake Cloud Services provides customers with a powerful
foundation to drive digital transformation through an elastic
as-a-service platform that can run on-premises, at the edge, or in
a colocation facility. HPE GreenLake combines the simplicity and
agility of the cloud with the governance, compliance, and
visibility that comes with hybrid IT. HPE GreenLake offers a range
of cloud services that accelerate innovation, including cloud
services for compute, container management, data protection, HPC,
machine learning operations, networking, SAP HANA, storage, VDI,
and VMs. The HPE GreenLake Cloud Services business is rapidly
growing with over $4.2 billion USD in total contract value and more
than 700 partners selling HPE GreenLake. Today, HPE GreenLake has
more than 1000 customers across 50 countries in all industry
sectors and sizes including Fortune 500 companies, government and
public sector organizations, and small and midmarket enterprises.
For more information on HPE GreenLake, please visit:
https://www.hpe.com/us/en/greenlake.html.
About Tookitaki Holding Pte. Ltd.
Tookitaki Holding Pte. Ltd. is providing enterprise software
solutions in the anti-money laundering (AML) and reconciliation
space. Headquartered in Singapore, the startup is innovating the
US$100-billion regulatory compliance space by delivering machine
learning-powered solutions that are actionable, scalable and
explainable. In 2020, the company won the Regulation Asia Awards
for Excellence, WITSA Global ICT Excellence Award and G20TechSprint
accelerator. In 2019, the company was selected as a Technology
Pioneer by the World Economic Forum, recognizing its ability to
shape the AML industry and the region in new and exciting ways.
Tookitaki is backed by institutional investors like Viola, SIG,
Illuminate Financial, Jungle Ventures and Spring Seeds, an
investment arm of the Singapore government. Visit
www.tookitaki.ai
About UOB
United Overseas Bank Limited (UOB) is a leading bank in Asia
with a global network of more than 500 offices in 19 countries and
territories in Asia Pacific, Europe and North America. Since its
incorporation in 1935, UOB has grown organically and through a
series of strategic acquisitions. UOB is rated among the world’s
top banks: Aa1 by Moody’s Investors Service and AA- by both S&P
Global Ratings and Fitch Ratings. In Asia, UOB operates through its
head office in Singapore and banking subsidiaries in China,
Indonesia, Malaysia, Thailand and Vietnam, as well as branches and
representative offices across the region.
Over more than eight decades, generations of UOB employees have
carried through the entrepreneurial spirit, the focus on long-term
value creation and an unwavering commitment to do what is right for
our customers and our colleagues.
We believe in being a responsible financial services provider
and we are committed to making a difference in the lives of our
stakeholders and in the communities in which we operate. Just as we
are dedicated to helping our customers manage their finances wisely
and to grow their businesses, UOB is steadfast in our support of
social development, particularly in the areas of art, children and
education. Visit www.uobgroup.com.
About HPE
Hewlett Packard Enterprise is the global edge-to-cloud platform
as-a-service company that helps organizations accelerate outcomes
by unlocking value from all of their data, everywhere. Built on
decades of reimagining the future and innovating to advance the way
we live and work, HPE delivers unique, open and intelligent
technology solutions, with a consistent experience across all
clouds and edges, to help customers develop new business models,
engage in new ways, and increase operational performance. For more
information, visit: www.hpe.com.
1 A suspicious transaction alert may flag a single transaction
or a set of interrelated transactions. UOB processes a total of
about 30 million transactions every month.
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version on businesswire.com: https://www.businesswire.com/news/home/20210222005944/en/
Editorial contact: Teljya Oka-Pregel, HPE
teljya.oka-pregel@hpe.com
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