Latest news with #RegTech
Zawya
a day ago
- Business
- Zawya
Nigeria: West Africa emerging as global hotspot for virtual asset adoption — SEC
The Director-General of the Securities and Exchange Commission (SEC Nigeria), Dr. Emomotimi Agama, has said that West Africa, with its vibrant and youthful population, has become a global hotspot for virtual asset adoption. Speaking at the West Africa Compliance Summit organised by GIABA in Praia, Cape Verde, Dr. Agama urged regulators across the sub-region to deploy Regulatory Technology (RegTech) and Supervisory Technology (SupTech) solutions to strengthen monitoring, detection, and reporting of suspicious activities. 'These regulatory technologies are essential, given the explosive growth we're witnessing in virtual asset adoption across the region,' he said. The summit was held under the theme: 'Adapting and Thriving in a Complex and Evolving Compliance Landscape.' Speaking on the growth of virtual assets in West Africa, he said, 'Over $20 billion in remittances flowed into West Africa in 2024, yet traditional channels charged up to 10% in fees. Cryptocurrencies, particularly stablecoins like USDT and USDC, now offer faster, cheaper alternatives. 'In Nigeria alone, crypto transactions exceeded $56 billion last year. The naira's volatility, Ghana's cedi depreciation, and forex shortages have pushed citizens toward 'crypto-dollarisation'. 'Young professionals increasingly demand salaries in stablecoins, and businesses use platforms like Binance Pay for cross-border trade. With over 60% of West Africa's population under 25, mobile-first crypto solutions thrive. 'Today, Nigeria ranks as the third-largest crypto adopter globally, after India and Vietnam'. The SEC Nigeria DG, however, warned that the growth has also attracted predators, stressing that high-profile scandals have wiped out millions in investor funds. 'DeFi 'rug pulls' continue to defraud unsuspecting users. GIABA reported $2.1 billion in suspicious crypto-linked transactions in West Africa in 2024, with terror groups exploiting privacy coins to evade detection. 'Artificial crashes, unregistered exchanges absconding with funds, and inadequate oversight have resulted in billions in losses. Regulation, therefore, is not optional but an imperative'. Speaking on the Nigerian environment, Dr Agama said the journey has been one of hard lessons and eventual clarity. 'In 2021, the Central Bank banned banks from servicing crypto firms, pushing activity underground. In 2022, the SEC classified crypto as securities but lacked sufficient enforcement. 'The Investment and Securities Act 2025 fundamentally changed the landscape. Cryptocurrencies, stablecoins, utility tokens, and NFTs are now formally recognised digital assets as seen in Section 355(4) and the Second Schedule, Part I of the Investments and Securities Act (ISA) 2025, which states that Investments include: Virtual assets, digital assets, and other distributed ledger technology (DLT) offers, tokens and products. Exchanges, wallets, and DeFi platforms must be licensed by the SEC'. He said the West African sub region can draw a lot of lessons from the Nigerian experience because financial crimes know no borders. 'We must harmonise our regulatory frameworks, share intelligence, and adopt best practices to close loopholes exploited by bad actors. A trader banned in Nigeria simply relocates to Ghana. ECOWAS must adopt a Unified VASP Licensing System. 'Nigeria intends to deploy AI surveillance tools for blockchain analytics to trace illicit activity. While we encourage innovation, we must ensure that emerging technologies like cryptocurrencies and digital assets operate within a framework that safeguards market integrity and protects consumers. 'Our newly created Fintech and Innovation Department at the SEC frequently engages industry leaders, ensuring policies remain relevant and grounded. In addition to the recent collapse of the popular CBEX Ponzi scheme, which defrauded thousands of unsuspecting investors, the SEC has intensified its Ponzi Awareness Campaign, already conducted across key locations in Abuja and Lagos, with plans to extend to other states nationwide', Dr Agama stated.
Business Wire
4 days ago
- Business
- Business Wire
Ripjar and RZOLUT Announce Strategic Partnership to Enhance AML Screening
LONDON, NEW YORK & SINGAPORE--(BUSINESS WIRE)--Ripjar, a leader in AML risk management technology for financial institutions and global organisations, today announced a strategic partnership with RZOLUT, an award-winning RegTech data and diligence innovator. Our partnership with RZOLUT reflects this open approach to data, and will deliver an exciting expansion of choice for Ripjar customers. Ripjar is known for its data-agnostic dynamic risk screening platform which enables users to combine datasets from multiple industry-leading data providers. This new collaboration will see the integration of RZOLUT's extensive global datasets into Ripjar's platform, further expanding the range of choice available to users. The integration of RZOLUT's ContentStream engine into Ripjar's technology stack will bring valuable insight to Ripjar's customers through the provision of global and niche datasets including hard-to-find data. This will enable users to enhance their screening with valuable additional context to capture even more risk. By combining Ripjar's AI-powered risk management technology with RZOLUT's diverse datasets spanning 238 jurisdictions and 120 languages, the partnership will empower users to identify and manage risk while minimising false positives. Tom Obermaier, CEO of Ripjar, said: 'We're excited to welcome RZOLUT to Ripjar's ecosystem of trusted data partners. Core to our data-agnostic strategy is the ability to consume and integrate the very best data assets available, providing our customers with the ability to generate the most comprehensive risk profiles. Our partnership with RZOLUT reflects this open approach to data, and will deliver an exciting expansion of choice for Ripjar customers.' Sarabjeet Singh, RZOLUT Founder and CEO, added: 'Our partnership with Ripjar allows us to bring exceptional value to top-tier banks, financial institutions and corporates. By integrating our cutting-edge data assets with Ripjar's industry-leading technology, we will deliver transformative solutions that meet the challenges of an increasingly complex risk landscape. We share a common vision of enabling a risk-resilient world and are excited to bring that vision to life.' About Ripjar Ripjar harnesses cutting-edge AI to transform overwhelming data into precise, actionable insights. With the ability to integrate diverse data from any source, Ripjar's tools cut through the noise, enabling organisations to detect risks and uncover hidden threats with unmatched accuracy. About RZOLUT RZOLUT is a pioneering RegTech company committed to democratizing data intelligence. With a foundation of datasets that span 238 jurisdictions across 120 languages, RZOLUT delivers high-accuracy diligence and risk intelligence tools to monitor and mitigate AML risks at scale.
Zawya
28-07-2025
- Business
- Zawya
United Arab Bank partners with Smarbl to launch RegPRISM
United Arab Emirates – United Arab Bank (UAB) has announced a strategic partnership with Smarbl, a leading RegTech and AI innovator, to co-develop and launch RegPRISM, an advanced regulatory intelligence and compliance management platform. This strategic move underscores UAB's commitment to meeting high standards of regulatory compliance, enhancing operational efficiency, and securing its reputation as a technological pioneer in the financial sector. Designed to transform how financial institutions navigate regulatory obligations, RegPRISM leverages the power of artificial intelligence to provide real-time visibility into regulatory changes, enabling UAB to track, extract, interpret and manage actionable obligations efficiently and accurately. This partnership brings together UAB's deep-rooted compliance expertise and commitment to digital transformation with Smarbl's cutting-edge AI capabilities, positioning both organizations at the forefront of compliance automation in the Middle East. Commenting on the partnership, Shirish Bhide, CEO of United Arab Bank said: 'At UAB, we are committed to building a future-ready bank that embraces innovation to meet evolving regulatory and customer expectations. RegPRISM is a game-changer in how we approach compliance, enabling us to proactively manage regulatory changes with speed, accuracy, and confidence. Our collaboration with Smarbl will accelerate the pace of investment in our growth strategy, with a focus on developing innovative products and services and enhancing customer experience, whilst upholding the highest standards of governance and setting new benchmarks for compliance in the UAE.' Commenting on the partnership, Ajay Raju, Co-Founder of Smarbl said: 'Partnering with UAB to launch RegPRISM marks a significant step toward a new standard of AI-driven compliance in the region. By aligning Smarbl's AI and cloud-native architecture with UAB's vision for digital-first governance, the platform translates regulatory change into instant, clear, actionable and workflow-ready intelligence—helping the bank safeguard customers, unlock operational capacity, and set a new compliance benchmark for the UAE. Together we're proving that compliance can be proactive, scalable, and a catalyst for better banking—not just a cost of doing business.' Commenting on the partnership, Zsombor Brommer, Chief Compliance Officer of United Arab Bank said: 'As regulatory frameworks continue to evolve rapidly, financial institutions face increasing pressure to adapt swiftly and effectively. Traditional manual approaches to compliance are resource-intensive and often result in inefficiencies and inconsistencies. UAB is addressing these challenges through RegPRISM, a unified AI-powered platform that continuously monitors regulatory developments, maintains a dynamic regulatory library, and transforms raw regulatory content into structured, contextual workflows.' Utilising advanced technology now plays a vital role in regulatory compliance by streamlining processes, enhancing data management, and improving compliance risk assessment. Collaboration with Smarbl allows UAB to navigate and adopt complex regulations more efficiently and effectively, while reinforcing our commitment to comply with all applicable laws and regulations. By automating end-to-end compliance processes, RegPRISM empowers institutions to mitigate risk, reduce compliance overheads, and stay confidently ahead of regulatory change. About United Arab Bank P.J.S.C. United Arab Bank P.J.S.C. (UAB) was established in 1975, in the Emirate of Sharjah as a joint venture between key UAE and international investors, and its shares are publicly traded on the Abu Dhabi Securities Exchange (ADX). UAB offers a wide range of Wholesale Banking, Retail Banking, Treasury & Financial Markets, as well as Shari'ah compliant products, services and flexible solutions, to meet the ever-evolving needs of our clients and the markets. Today, UAB is recognized as one of the few home-grown banks in the UAE, striving to enhance the lives of people by humanizing banking through impeccable service and tailored financial support. UAB is rated investment grade, both, by Moody's (Baa3/P-3/Positive) and Fitch (BBB+/F2/Stable). For further information please visit or contact: Sirine El Merhebi Marketing & Communications Department Email: About Smarbl Smarbl is a RegTech startup incorporated in Abu Dhabi Global Market (ADGM), delivering AI-enabled, cloud-native products that help financial institutions simplify compliance, strengthen oversight, and stay aligned with ever-evolving regulatory demands. By bridging the gap between regulators and regulated entities, Smarbl gives firms the agility and clarity to make smarter decisions in a rapidly changing financial landscape. Smarbl's solutions span regulatory reporting automation, regulatory intelligence, and regulatory data management. For further information please visit www. smarbl. com / or contact: Ajay Raju Co-Founder & Director Email: ajay@
Al Bawaba
28-07-2025
- Business
- Al Bawaba
United Arab Bank Partners with Smarbl to Launch RegPRISM, a Cutting-Edge AI-Powered Compliance Platform
United Arab Bank (UAB) has announced a strategic partnership with Smarbl, a leading RegTech and AI innovator, to co-develop and launch RegPRISM, an advanced regulatory intelligence and compliance management strategic move underscores UAB's commitment to meeting high standards of regulatory compliance, enhancing operational efficiency, and securing its reputation as a technological pioneer in the financial to transform how financial institutions navigate regulatory obligations, RegPRISM leverages the power of artificial intelligence to provide real-time visibility into regulatory changes, enabling UAB to track, extract, interpret and manage actionable obligations efficiently and partnership brings together UAB's deep-rooted compliance expertise and commitment to digital transformation with Smarbl's cutting-edge AI capabilities, positioning both organizations at the forefront of compliance automation in the Middle on the partnership, Shirish Bhide, CEO of United Arab Bank said: 'At UAB, we are committed to building a future-ready bank that embraces innovation to meet evolving regulatory and customer expectations. RegPRISM is a game-changer in how we approach compliance, enabling us to proactively manage regulatory changes with speed, accuracy, and confidence. Our collaboration with Smarbl will accelerate the pace of investment in our growth strategy, with a focus on developing innovative products and services and enhancing customer experience, whilst upholding the highest standards of governance and setting new benchmarks for compliance in the UAE.'Commenting on the partnership, Ajay Raju, Co-Founder of Smarbl said: 'Partnering with UAB to launch RegPRISM marks a significant step toward a new standard of AI-driven compliance in the region. By aligning Smarbl's AI and cloud-native architecture with UAB's vision for digital-first governance, the platform translates regulatory change into instant, clear, actionable and workflow-ready intelligence—helping the bank safeguard customers, unlock operational capacity, and set a new compliance benchmark for the UAE. Together we're proving that compliance can be proactive, scalable, and a catalyst for better banking—not just a cost of doing business.'Commenting on the partnership, Zsombor Brommer, Chief Compliance Officer of United Arab Bank said: 'As regulatory frameworks continue to evolve rapidly, financial institutions face increasing pressure to adapt swiftly and effectively. Traditional manual approaches to compliance are resource-intensive and often result in inefficiencies and inconsistencies. UAB is addressing these challenges through RegPRISM, a unified AI-powered platform that continuously monitors regulatory developments, maintains a dynamic regulatory library, and transforms raw regulatory content into structured, contextual workflows.'Utilising advanced technology now plays a vital role in regulatory compliance by streamlining processes, enhancing data management, and improving compliance risk assessment. Collaboration with Smarbl allows UAB to navigate and adopt complex regulations more efficiently and effectively, while reinforcing our commitment to comply with all applicable laws and regulations. By automating end-to-end compliance processes, RegPRISM empowers institutions to mitigate risk, reduce compliance overheads, and stay confidently ahead of regulatory change.
Time Business News
26-07-2025
- Business
- Time Business News
Exploring the Future of Digital Finance with Maxwin288 and Legal Expertise
In today's fast-paced digital economy, the fusion of technology and finance has created a new landscape of opportunities and challenges. Businesses, investors, and individuals are increasingly drawn to platforms and solutions that provide seamless digital financial services. Among the innovative players shaping this transformation is Maxwin288, known for its forward-thinking strategies. Combined with legal insights from trusted professionals, such as those found at digital finance is evolving into a more secure and transparent ecosystem. Digital finance refers to the integration of technology into financial services, offering solutions such as mobile banking, digital wallets, and blockchain-powered platforms. Over the past decade, this sector has witnessed rapid growth, fueled by increased internet connectivity, smartphone usage, and consumer demand for faster, safer, and more accessible financial tools. Platforms like MAXWIN288 have played a significant role in this revolution by introducing digital-first solutions that cater to global users. By leveraging technology, these platforms reduce operational costs, streamline transactions, and provide financial services to previously underserved communities. With innovation comes regulation. As digital finance grows, it faces legal and regulatory challenges. Legal experts play an essential role in ensuring that businesses remain compliant while embracing innovation. For instance, the team at offers valuable insights into navigating legal landscapes, from financial regulations to data privacy laws. The intersection of digital finance and law ensures that both businesses and consumers are protected. Legal professionals help create frameworks that prevent fraud, ensure transparency, and support the ethical use of digital financial services. The future of digital finance is being shaped by several groundbreaking trends: Blockchain technology has revolutionized the way transactions are recorded and verified. Cryptocurrencies, built on blockchain, have introduced decentralized finance (DeFi), offering users more control over their assets. AI is driving advancements in fraud detection, risk assessment, and customer support. Predictive analytics and machine learning are enabling financial institutions to offer personalized services. Traditional banks are collaborating with fintech platforms to deliver digital-first solutions. This synergy between innovation and legacy systems creates a powerful ecosystem. To navigate complex regulations, financial companies are increasingly turning to RegTech solutions. These tools use automation and data analytics to ensure compliance while reducing operational risks. MAXWIN288 stands out as a platform that bridges the gap between traditional finance and modern technology. By prioritizing user experience and security, it empowers individuals and businesses to manage their finances in a digital-first world. From innovative payment solutions to advanced data protection protocols, Maxwin288 demonstrates how a forward-thinking approach can meet the needs of the ever-evolving financial landscape. Its commitment to innovation aligns with global trends, ensuring that users can access seamless, secure, and efficient financial services. A robust legal framework is vital for maintaining trust in digital finance. Legal professionals not only mitigate risks but also create policies that support innovation. By understanding the nuances of international regulations, platforms like Maxwin288 can expand their services while maintaining compliance. Working with experts like allows businesses to address issues related to cybersecurity, intellectual property, and consumer rights. These partnerships ensure that legal challenges are addressed proactively, not reactively. Digital finance has empowered consumers by offering faster and more accessible financial services. Whether through mobile apps or online platforms, users now have control over their transactions, investments, and budgeting tools. However, this convenience comes with the responsibility of safeguarding personal data and understanding the risks associated with online financial activities. Consumers benefit when platforms like MAXWIN288 prioritize transparency, security, and education. By fostering financial literacy, these platforms help users make informed decisions, reducing the risks of fraud and mismanagement. Trust is the foundation of any financial system. In the digital realm, building trust involves a combination of robust technology, clear legal frameworks, and transparent practices. Maxwin288 exemplifies this by adopting cutting-edge cybersecurity measures and adhering to ethical business practices. Collaboration with legal experts further strengthens this trust, ensuring that every transaction and service complies with relevant laws. This dual approach—technology-driven innovation supported by legal expertise—positions platforms like Maxwin288 as reliable leaders in the industry. The digital finance sector is poised for continued growth, driven by technological advancements and evolving consumer preferences. Here are a few predictions for the future: Increased Use of AI: As AI becomes more sophisticated, financial platforms will offer hyper-personalized experiences and enhanced fraud detection. As AI becomes more sophisticated, financial platforms will offer hyper-personalized experiences and enhanced fraud detection. Mainstream Blockchain Adoption: Blockchain technology will underpin more financial services, offering transparency and security. Blockchain technology will underpin more financial services, offering transparency and security. Global Financial Inclusion: Digital platforms will bring banking services to regions previously excluded from the financial system. Digital platforms will bring banking services to regions previously excluded from the financial system. Enhanced Regulation: Governments and organizations will work together to create standardized regulations for digital financial services. The future of digital finance is bright, dynamic, and full of opportunities. With platforms like Maxwin288 leading the way in technological innovation and legal experts providing the necessary frameworks, the industry is set to thrive. The synergy between technology and law ensures a balanced approach—one that prioritizes both progress and protection. As consumers and businesses continue to embrace digital finance, the collaboration between innovators and legal professionals will become even more crucial. By focusing on transparency, security, and compliance, Maxwin288 and legal experts pave the way for a future where digital finance is not only efficient but also trustworthy. Word Count: ~1,220 words. TIME BUSINESS NEWS
