Financial institution HSBC signs long-term agreement with Silent Eight for combating financial fraud and illegal activities.

HSBC, a leading global bank, has announced a multi-year partnership with Silent Eight, a Singaporean regtech company. This partnership is part of HSBC's ongoing efforts to drive AI innovation across the industry and improve its compliance operations.

After a successful trial period, Silent Eight's solution is set to be integrated into HSBC's existing infrastructure. The integration will provide case adjudications that are explained and auditable, aiming to decrease risk while simultaneously increasing efficiency.

The partnership was chosen due to the growth in alert volumes and unpredictable spikes driven by global volatility. HSBC selected Silent Eight to improve its manual processes and existing statistical models. Matt Brown, Group Head of Compliance Services at HSBC, stated that the partnership was chosen to help close alerts quickly and accurately.

Silent Eight, which announced the partnership with HSBC in June 2021, has recently completed an early-stage funding round. The funding round was led by VC firm OTB Ventures, and the total capital raised by Silent Eight is now US$15 million. Martin Markiewicz, CEO and Co-founder of Silent Eight, expressed delight at finding a partner focused on eliminating financial crime.

HSBC's dedication to this project is one aspect of their tireless commitment to improvement. The bank is known for its efforts to stay at the forefront of technological advancements in the financial sector.

The founders and co-founders of Silent Eight are not explicitly identified in the available search results. However, the company is proud to partner with HSBC on their mission to make the world safer. The feature image of this article is edited based on a photo by Joshua Ang via Unsplash.

Silent Eight is excited about the opportunities this partnership presents and looks forward to contributing to HSBC's ongoing efforts to combat financial crime. The partnership is part of HSBC's partnerships with various AI and regtech companies, as they strive to drive innovation and improve their services.

Financial institution HSBC signs long-term agreement with Silent Eight for combating financial fraud and illegal activities.