How we saved up 30% of development cost for a regtech startup
Challenge
The founder, with over 30 years in Anti-Money Laundering (AML), soon spotted a niche overlooked by big RegTech firms. These giants mainly cater to well-established financial institutions, neglecting smaller companies.
Seeing this untapped potential, our client launched a RegTech startup, offering compliance solution tailored for remittance services, micro-finance firms, and rural banks, to combat money laundering and related crimes.
The last piece he needed was a tech partner that can assist him throughout the product life cycle, adapt to high-level requirements and work within a startup budget.
The founder, with over 30 years in Anti-Money Laundering (AML), soon spotted a niche overlooked by big RegTech firms. These giants mainly cater to well-established financial institutions, neglecting smaller companies.
Seeing this untapped potential, our client launched a RegTech startup, offering compliance solution tailored for remittance services, micro-finance firms, and rural banks, to combat money laundering and related crimes.
The last piece he needed was a tech partner that can assist him throughout the product life cycle, adapt to high-level requirements and work within a startup budget.
Solution
After 9 months, we crafted a microservices solution, backed by AWS to address Anti-Money Laundering obligations. The feature-rich application, showered with a friendly ReactJS interface, promised to be an assistant to small to mid-sized financial ventures.
The key offerings included:
- Digital customer onboarding with identity proofing and remote guidance.
- Secondary security layer for the user-side with automated watch-list screening, Amazon RDS with encryption and Know Your Customer (KYC) processes.
- A versatile and scalable backend built with NodeJS, supported by Kafka, Redis & Kubernetes for data processing and orchestration.
- A Nature & Purpose Risk Assessment of Relationship, providing financial businesses with valuable insights into their customers’ credibility. This assessment drew from the standards of the World Bank, the Asian Development Bank, Alliance for Financial Inclusion, and the Centre for Financial Inclusion.
After 9 months, we crafted a microservices solution, backed by AWS to address Anti-Money Laundering obligations. The feature-rich application, showered with a friendly ReactJS interface, promised to be an assistant to small to mid-sized financial ventures.
The key offerings included:
- Digital customer onboarding with identity proofing and remote guidance.
- Secondary security layer for the user-side with automated watch-list screening, Amazon RDS with encryption and Know Your Customer (KYC) processes.
- A versatile and scalable backend built with NodeJS, supported by Kafka, Redis & Kubernetes for data processing and orchestration.
- A Nature & Purpose Risk Assessment of Relationship, providing financial businesses with valuable insights into their customers’ credibility. This assessment drew from the standards of the World Bank, the Asian Development Bank, Alliance for Financial Inclusion, and the Centre for Financial Inclusion.
Results
We are proud of this project. Setting all the numbers aside, the idea itself is impact-driven and community-minded. With the KYC & AML solution, underbanked sectors can protect their integrity and join forces to address associated crimes.
This motivated us to support our client, both technically and financially, despite having minimal expertise in Regtech at first.
We are proud of this project. Setting all the numbers aside, the idea itself is impact-driven and community-minded. With the KYC & AML solution, underbanked sectors can protect their integrity and join forces to address associated crimes.
This motivated us to support our client, both technically and financially, despite having minimal expertise in Regtech at first.