RegTech Firm Tookitaki Extends Footprints to the Philippines

Tookitaki, a Singapore-based regulatory technology (RegTech) firm, has launched in the Philippines, partnering with Paymongo, a payments gateway company.

Tookitaki provides end-to-end financial crime solutions to financial institutions (FIs) all over the world. In the ASEAN region, some of the largest banks and fintech companies rely on Tookitaki to transform their anti-money laundering (AML) compliance needs.

The Bangko Sentral ng Pilipinas (BSP) reported that the Philippine financial system is at 'medium risk' of being used for money laundering in 2021. While preventive measures have been placed to curb risk of dirty money, the country remains in the gray list of international watchdogs on money laundering and terror financing Financial Action Task Force (FATF) as of June 2022.

Ahead of its local launch, Tookitaki secured partnerships with the PayMongo to help the fintech industry of the country reduce risk and design a robust AML program, aligning with the compliance norms set out by the local regulator.

(Source: The Paypers)