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Singapore’s Silent Eight Sets Sights on Nasdaq IPO as AI-Powered Financial Crime Fighter Gains Traction

AI/MLSingapore's Silent Eight Sets Sights on Nasdaq IPO as AI-Powered Financial Crime Fighter Gains Traction

Singapore-based company Silent Eight is gearing up for an initial public offering (IPO) by the end of 2025, with aspirations to list on the Nasdaq in the United States. Silent Eight employs artificial intelligence (AI) to combat financial crimes like money laundering and terrorist financing, streamlining investigations and revolutionizing how financial institutions address illicit activities while ensuring regulatory compliance and reducing costs.

Notable banks such as Standard Chartered and HSBC have already taken notice of Silent Eight’s AI-powered software, which is projected to achieve a threefold increase in revenue in 2023. By leveraging AI technology, Silent Eight aims to transform the fight against financial crime, automating and expediting investigations that were traditionally labor-intensive and time-consuming for banks.

Silent Eight’s software utilizes generative AI, akin to the technology behind ChatGPT, and is trained on various smaller models specific to different tasks, allowing it to provide comprehensive solutions for financial institutions, including identifying inconsistencies in names across languages.

Strategic partnerships with prominent financial institutions, starting with Standard Chartered in 2017, have played a pivotal role in Silent Eight’s success. These partnerships have granted access to critical risk management data, enabling the AI models to become more advanced in detecting and preventing financial crimes.

One key advantage of Silent Eight’s AI-powered software is its cost-effectiveness compared to employing a large team of human investigators. The company’s mission is to combat the “human cost” of financial crime and prevent bad actors from profiting off vulnerable individuals in the global economy. Silent Eight closed a $40 million Series B funding round in March 2022 to further its mission.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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