In my fourth post, I look at Singapore’s Personal Data Protection Act (PDPA). It broadly aligns with standards in other global legislation, albeit with some crucial differences such as control and access requests as opposed to the right to be forgotten, and Singapore’s limitations on transferring personal data overseas. Organisations face significant financial and reputational risk if they don't comply with PDPA and therefore need an effective data management solution to ensure they can track the personal data they have, what they are doing with it and how it moves through their systems.
As insurers and the insurance industry begin to implement the International Financial Reporting Standard 17 (IFRS 17), I wanted to take a moment to highlight the benefits that Solidatus can help organisations gain from this wholescale evolution of their digital landscape and the huge transformation it will undergo.
As Singapore and now Malaysia gear up towards their digital banking futures, I wanted to look at the opportunities that digital banks have as they look to avoid the millstones their competition must face. Equally, I wanted to show the challenges and opportunities available to incumbents as they look to create their digital banks or look to evolve their transformation to avoid losing competitive advantage. With close to twenty years' experience in finance, I have seen first-hand the explosion in the numbers of systems used and also the challenges of implementing new systems and updates to existing ones. These problems are the norm not the exception. The good news is that there is a solution, one that offers efficiency of resource, improves transparency and governance.
We are pleased to announce that Solidatus has been selected as a finalist for the Global FinTech Hackcelerator 2019. Having opened an office in Singapore earlier this year, we entered the Local Programme stream and were selected by the Monetary Authority of Singapore (MAS) as a top 10 winner from over 200 submissions across 30 countries. Co-founder, Philip Miller, will pitch our solution during Demo Day on 11 November at Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).