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Singapore-based fintech firm Silent Eight, which leverages artificial intelligence (AI) to combat financial crimes such as money laundering and terrorist financing, is reportedly preparing for an initial public offering (IPO) by the end of 2025. The company’s CEO, Martin Markiewicz, stated in a report released on Friday that the firm aspires to list on the Nasdaq in the United States.
Silent Eight’s AI-powered software has garnered attention from major banks including Standard Chartered (OTC:) and HSBC. The firm’s technology automates and expedites the traditionally labor-intensive process of investigating financial crimes, significantly reducing the costs and resources required. The software utilizes generative AI, similar to the technology behind the viral ChatGPT chatbot, and is designed to provide a comprehensive solution for financial institutions.
The AI models used by Silent Eight are trained on several smaller models specific to different tasks, allowing for the identification of discrepancies in names across languages. This innovative approach is expected to achieve threefold revenue growth in 2023.
Silent Eight’s strategic partnerships with prominent financial institutions have contributed significantly to its success. Standard Chartered was the first bank to adopt the company’s software in 2017, providing Silent Eight with access to crucial risk management data. As more banks have joined, Silent Eight’s AI models have become more advanced, enhancing their ability to detect and prevent financial crimes.
In addition to its effectiveness in combating financial crime, one of the key advantages of Silent Eight’s software is its cost-effectiveness. Markiewicz emphasized that using the software is significantly cheaper than employing a large team of human investigators.
The company closed a $40 million Series B funding round in March 2022. Silent Eight stated that it was born out of a desire to deal with the “human cost” of financial crime as the number of victims continues to rise. The company aims to provide a technology solution that prevents bad actors from engaging in the global economy and profiting off those most vulnerable.
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