We are pleased to announce that Pole Star is now a Singapore-registered FinTech Company, certified by Singapore FinTech Association (SFA) as a RegTech provider.
As FinTech becomes one of the fastest-growing industries, with global investment almost doubling to 55.3 billion USD in one year, the SFA platform is designed to facilitate communication between all market participants and stakeholders within the FinTech ecosystem. SFA enables critical engagement between its members to find solutions to issues and to promote best FinTech practices in a collaborative, open, and transparent manner.
To qualify for certification, companies must be registered and operating in Singapore; provide Financial Technology to improve and automate the delivery of financial services to end customers, businesses or as a partner to Financial institutions (FIs) and form a core portion of the business; and have a working product, or Minimum Viable Product (MVP).
As a certified member, Pole Star will actively contribute to channelling effective and relevant information between members and externally, to empower innovation throughout the industry.
PurpleTRAC, was designed with and for companies with regulatory exposures in maritime trade and shipping. The solution enables the automation, streamlining, and recording of regulatory processes and mitigates the risk of money laundering and terrorist financing, alongside the criminal, reputational, and commercial damage that would occur as a result of noncompliance.
PurpleTRAC is used by major international trade financing banks, trading companies, governments and flag administrations, maritime insurers, ship financing and leasing companies, and other members of the supply chain to demonstrate best efforts in compliance, all within an easy-to-use, web-based solution with API and DLT node application availability.
PurpleTRAC is a single point regulatory technology service, incorporating best-in-class data, including regulatory screening data, sanctions watch-lists, third party vessel information, and multiple satellite tracking services. This automated data and information is customisable and configured uniquely to client-specific Sanctions and Risk Policy requirements. Through a single field of data entry for the user, PurpleTRAC is an advanced method for industry to ensure that the vessels being used comply with sanctions and international regulations, whether financing vessels or financing cargoes being transported by vessels, or industry exposed to shipping and maritime transportation.