Cybernaptics is thrilled to announce the momentous launch of Algorythmics, Mauritius’ very first Regulatory Technology (RegTech) platform. This groundbreaking event took place on September 14th, 2023, at the Hennessy Park Hotel. Algorythmics, the brainchild of Cybernaptics, promises to redefine how businesses tackle the intricate world of regulatory compliance in today’s digital age.
ELEVATE, AUTOMATE, INNOVATE: The Three Pillars of Algorythmics
Under the banner of “ELEVATE, AUTOMATE, INNOVATE,” Algorythmics offers an all-encompassing solution to streamline compliance processes, thus enhancing operational efficiency.
Expanding the Horizon: Beyond FATCA and CRS
Cybernaptics, renowned for its eight-year track record of delivering exceptional FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) services, has expanded its service portfolio. By introducing Anti-Money Laundering (AML), Electronic Know Your Customer (EKYC), and Back Office Automation services on the Algorythmics platform, Cybernaptics has positioned itself as a comprehensive RegTech solution provider.
A Collaborative Venture with MIOD
The Algorythmics launch event marked a significant collaboration with the Mauritius Institute of Directors (MIOD). It successfully brought together experts, stakeholders, and leaders from the finance, banking, and insurance sectors under one roof. The culmination of this exceptional gathering was a panel discussion titled “RegTech’s Role in Revolutionizing Business Compliance.”
Panelists: Shaping the Conversation
Esteemed panelists included Dhanesswurnath Thakoor, Chief Executive at the Financial Services Commission (FSC); Shamima Mallam-Hassan, Chairperson at Mauritius Finance and Managing Director at Trident Trust; and Dr. Viv Padayatchy, Managing Director at Cybernaptics & Chairman of the National Cybersecurity Committee. The panel discussion was expertly moderated by Sheila Ujoodha, Chief Executive Officer at the Mauritius Institute of Directors.
Quotes to Remember
Dr. Viv Padayatchy, Managing Director at Cybernaptics, emphasized, “With Algorythmics, we are at the forefront of pioneering a new era of compliance solutions in Mauritius. Our platform, backed by cutting-edge technologies and local expertise, will empower businesses to navigate the complexities of regulatory compliance seamlessly.”
Looking Ahead with Algorythmics
Version 1.0 was just the beginning of Algorythmics’ journey. The roadmap includes:
Expansion: Engaging with local institutions and regulators like the FSC and Mauritius Finance to gather feedback and insights, leading to the development of relevant services.
Enhancement, Not Just Compliance: Algorythmics is committed to proactively anticipating new directives and regulations, ensuring that solutions empower businesses to thrive in an ever-evolving landscape.
Growing Service Offerings: Continuous expansion and enhancement of service offerings, staying at the forefront of technology and regulatory compliance.
User Experience: A focus on improving the platform’s user-friendliness, ensuring seamless experiences.
Staying Ahead: A pledge to remain ahead of evolving regulations, offering solutions that keep businesses prepared for the future.
Harnessing Cutting-edge Technologies
Algorythmics leverages Python, Machine Learning, Artificial Intelligence (AI), Robotic Process Automation (RPA), Optical Character Recognition (OCR), and Data Analytics to deliver state-of-the-art RegTech solutions.
Addressing Compliance Pain Points
Algorythmics is poised to alleviate common compliance challenges faced by businesses. It simplifies technology management, optimizes costs, and accelerates business agility, allowing organizations to focus on their goals while ensuring regulatory compliance.
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