Regtank Technology Pte Ltd


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Megan Li, CEO, Regtank Technology Pte Ltd

Cryptocurrencies have taken the world by storm, turning huge profits for many of their investors and giving birth to alternative forms of investment that didn’t exist before. However, with this meteoric rise has come an increase in regulations and government oversight that complicates things for many crypto investors, especially those who are new to the scene. As governments scramble to get up to speed in this fast-moving industry, businesses operating in the cryptocurrency space must navigate a complex web of compliance risks. The significant growth in cryptocurrency transactions has made fraud difficult to trace. It presents complex AML (Anti-Money Laundering) challenges which are further worsened by the fragmented solutions provided in the market.

Thus, with a vision to make compliance simple and widely adopted in the new financial paradigm, Regtank Technology Pte Ltd, a leading patent-pending compliance Software-as-a-Service (SaaS) solution provider came to the forefront. Founded in June 2020, the idea of Regtank was conceived in Singapore amidst the Covid-19 pandemic as a response to the growing popularity of Fintech and cryptocurrency. The pioneering company offers a leading one-stop full suite compliance software that empowers the adoption of the risk-based approach (RBA), covering the entire process of AML compliance with a patent-pending compliance SaaS solution which has achieved the Singapore FinTech Certification by the Singapore FinTech Association (SFA). “We aim to be the ultimate AML partner, especially in the cryptocurrency industry, through effectively managing the entire compliance programs of businesses on a single platform with higher efficiency and lower costs. By automating AML compliance processes with its comprehensive compliance suite, we deliver the best possible user experience,” asserts Megan Lee, the CEO of Regtank Technology Pte Ltd.

One-Stop Compliance Solution for FinTechs

Along with customizable risk parameters, Regtank utilizes a holistic approach toward regulatory compliance by integrating KYC, KYB & KYT to provide its clients with a 360° risk profile. This automatically classifies the risk of individuals according to the risk matrix of its clients by leveraging its proprietary smart risk assessment engine while adhering to AML/CFT regulations. The Regtank team is currently working on creating a proprietary algorithm of blockchain analysis with AI/Machine Learning technologies. At length, Regtank aims to provide firms with ecosystem-wide mechanisms as a self-sustaining decentralized compliance protocol that transforms the compliance landscape in the cryptocurrency industry by streamlining various onboarding platforms through a single process. “We witnessed Regtank’s hard work come into fruition when it placed second in the Monetary Authority of Singapore (MAS) ASEAN Fintech category at the Singapore Fintech Festival Global Fintech Awards 2021. The award recognizes Regtank’s FinTech initiatives and how Regtank has contributed to new growth opportunities, transform industry practices, and promote financial inclusion amidst challenging circumstances. This was the push that propelled Regtank further to work on new initiatives to better serve our clients and further enhance our systems,” opines Megan.

Exhibiting Unparalleled Excellence

Instead of just simply combining the processes, the Regtank system helps to take it further with a unique risk scoring engine that is customizable according to the client’s compliance requirements. A comprehensive database is queried, where it covers sanctions, politically exposed persons (PEPs), adverse news, and other AML data sets from leading sources of data intelligence, including the 90 million wallet address databases. The risk parameters, such as the Basel AML Index and Financial Action Task Force (FATF), are updated constantly and clients’ profiles are categorized into different risk levels and the risk treatment is provided accordingly. This ensures accuracy and reliability. Its automatic re-screening feature ensures that the risk level of profiles is always being managed. This enables compliance managers to focus on anomalies and manage compliance with the regulations. Another benefit of this system is the preparation of the data that comply with the FATF Travel Rule. With the Regtank system, Virtual Asset Service Providers (VASPs) can now have all the crypto wallet addresses and KYC profiles on a single, consolidated platform.

Keeping Customers at the Core

Customer satisfaction is at the heart of Regtank’s mission. Regtank’s key customers include financial institutions, along with crowdfunding and venture capital. It also caters to Virtual Assets Service Providers (VASPs), Digital Remittance Services, Payment Gateways, and other Professional Services, including Law or Corporate Secretary Platforms. As a customer-centric company, Regtank emphasizes on being transparent and building personal relationships with its clients. It collaborates with its clients in real-time and identifies areas of concern by identifying their needs and preferences. “We put a lot of care into understanding our customer’s journey, as we believe it will allow us to gain better insights and deliver more proactive support to enhance our customer’s experience. We create value for our customers by listening to what our customers express to understand what is important to their organization and actively look for opportunities where we can help them,” affirms Megan.

Sharing, Transparency, and Thinking Outside the Box

The work culture at Regtank is centered on 3 core aspects: sharing, transparency, and thinking outside the box. The company promotes a multilingual workforce that fosters an inclusive workplace that instills a sense of belonging, ensuring that employees feel engaged and supported in all aspects of their jobs. The company encourages collaboration and diversity while allowing for workplace flexibility. “We urge employees to be their best selves through instilling principles such as respect and authenticity in the team. As we uphold a company culture of both independence and interdependence, we give employees autonomy and individual action for them to strive for their highest potential. We believe that Regtank, as a technological firm, must be adaptable in promoting innovation, openness, and diversity while remaining consistent and open to change,” adds Megan.

Continues Empowering Fintech Companies

Regtank’s mission has always been to empower Fintech companies, especially Virtual Asset Service Providers (VASPs) in the cryptocurrency industry, to effectively manage their entire compliance program on a single platform with higher efficiency and lower costs. Moving forward, Regtank wants to steadily explore innovation in the Fintech and cryptocurrency space and create ecosystem-wide solutions that can benefit both organizations and stakeholders.

Regtank aspires to be ever-ready for regulatory changes and to continually improve its processes to accommodate the ever-changing compliance landscape. It aims to be the first self-sustaining decentralized compliance protocol, capable of streamlining various onboard platforms through a single process. “The Regtank system will reduce the cost of AML compliance and ease the hefty compliance workload without compromising data security and privacy; creating value and benefits for all shareholders, such as VASPs, end-users, and AML specialists in the ecosystem,” concludes Megan.


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