With approximately 90% of world trade transported by sea, and trade increasingly being used as a mechanism to facilitate financial crime, it has increasingly come under the spotlight as a means of breaching sanctions regulations. Pole Star’s sanctions screening solution was designed with and for financial institutions, and is being used by major banks and trade finance companies around the world to manage reputational risk, and to ensure regulatory compliance.
Julian Longson, Managing Director of Pole Star, says, “Given the impressive talent pool from which we were selected – 220 nominees and 40 finalists – this is quite an honour. Additionally, it’s a tribute to a best-in-class product and the excellence of the team behind it. It’s no secret that Singapore is one of the leading innovation centres in the world, and our recognition as an innovative technology provider in Singapore is an endorsement worth celebrating.”
Pole Star have existing connections to the Singapore Government, who are known for setting a high standard across the board when it comes to compliance and regulation. Pole Star hosts the Long Range Identification and Tracking (LRIT) Data Centre for the Maritime and Port Authority of Singapore, collecting and disseminating the positions of ships subject to international regulation.
“The MAS should be applauded for leading the way with innovative events like FinTech Festival. This engagement between financial market institutions and the technology sectors are, without a doubt, setting new standards in the global fight against financial crime. I would like to thank them for this award, which means so much to our company.”
Simon Ring, Global Head of Financial Markets at Pole Star
The award has pushed Pole Star into the spotlight, who have reported over 500 enquiries from various financial institutions and regulators off the back of the attention garnered at the Singapore Fintech Festival.
First and second place were awarded to non-competing companies.
About Pole Star Space Applications
Pole Star is a privately owned UK technology company that has been providing vessel monitoring, regulatory compliance & risk management services to the shipping industry since 1998. From our headquarters in London, and via a network of offices located at key international hubs, we have earned a reputation as one of the leading providers of remote fleet monitoring, risk management, ship security, Long Range Identification and Tracking (LRIT) and fisheries monitoring services. Find out more at www.polestarglobal.com.
About the Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to the international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.
About the Singapore FinTech Festival
Organised by the Monetary Authority of Singapore in partnership with The Association of Banks in Singapore, the Singapore FinTech Festival – the first of its kind in Asia – will provide a platform for collaborations, connections and co-creations within the FinTech ecosystem in Singapore and beyond. In keeping with this spirit, the Festival is supported by the industry. Festival sponsors include Citibank, Deloitte, Mastercard, MUFG, UOB, and V-Key.
A series of back-to-back events that will take place from 14 – 18 November 2016. The Festival will comprise the Global FinTech Hackcelerator, Innovation Lab Crawl, FinTech Awards, FinTech Conference, Tech Risk Conference, and the RegTech Forum.