Norkom Signs Daiwa Capital Markets Singapore
09 February 2010 | 1550 views | 0
Norkom Technologies has today announced that it has signed a deal with Daiwa Capital Markets Singapore Limited, a leading global investment bank, bolstering Norkom's position in the Southeast Asian financial crime and compliance marketplace.
"The value of Norkom's platform is that it enables financial institutions to address their immediate and specific financial crime and compliance needs, whilst providing them with the opportunity of seamlessly enhancing their defenses against all types of financial crimes at any point in the future"
Daiwa Capital Markets Singapore will implement Norkom's market-leading Sanctions & Politically Exposed Persons (PEP) Screening and Transaction Monitoring solutions. Using Norkom's best-of-breed analytics software, which screens over one billion financial relationships daily for financial institutions across the globe, all transactions will be screened against industry watch lists to safeguard the investment bank against business being inadvertently carried out with high-risk entities such as terrorists, criminals and politically exposed persons (PEP).
Norkom's continued success in Australia
The deal with Daiwa Capital Markets Singapore marks the latest in a series of accomplishments for Norkom Technologies in Asia-Pacific.
Having initially cornered the Australian financial crime and compliance marketplace in late 2006 by helping financial institutions comply with the Anti-Money Laundering / Counter Terrorist Financing (AML/CTF), Norkom has successfully on-boarded 11 new named clients including ANZ, St.George and Westpac, claiming the lion's share of the market within 18 months.
Now that they have successfully gained compliance with the financial regulator AUSTRAC, financial institutions in Australia are increasingly turning their focus towards the management of enterprise-wide financial crime, particularly fraud management. Norkom is well positioned to enhance the defenses of these institutions with its award-winning fraud management solutions, with two-thirds of Australian financial institutions already expanding their financial crime and compliance capabilities with the software vendor.
Gaining traction in Asia
At the same time, Norkom has made significant strides in expanding its footprint across Asia over the last 12 months and continues to grow its operations in the region. Within the last year alone, the company has closed deals in a number of Asian markets including Korea (in a deal with Woori Bank, Korea's second largest financial institution), Indonesia and Papua New Guinea (in a deal with Bank South Pacific, which involves the rollout of Norkom's risk-based Anti-Money Laundering (AML), Customer Due Diligence / Know Your Customer (CDD / KYC) and Multi-Channel Fraud management solutions across BSP's operations in the Pacific Islands of Fiji, Solomon Islands and Niue). The deal with Daiwa Capital Markets Singapore significantly enhances Norkom's presence in Singapore, where it also counts Standard Chartered Bank as a client.
According to Bruce Quick, Norkom's Director of Sales & Business Development for Asia-Pacific, "Firstly, we're delighted to welcome Daiwa Capital Markets Singapore as our latest Asian client. The Asian-Pacific financial crime and compliance marketplace is an exciting place to be right now, with a myriad of financial crime related activities taking place in every country. Each Asian market has its own financial crime and compliance business drivers, which vary from market-to-market - whether that's to comply fully with emerging local money laundering legislation or to fight the spiralling levels of fraud across multiple channels.
"The value of Norkom's platform is that it enables financial institutions to address their immediate and specific financial crime and compliance needs, whilst providing them with the opportunity of seamlessly enhancing their defenses against all types of financial crimes at any point in the future," he concludes.
In November 2009, the company announced record revenues in its interim results for the six months ended 30 September 2009, to which its Asia Pacific operations contributed a significant 9% growth. With an ever-growing workforce, Norkom now has offices in Sydney, Melbourne and Singapore to serve and support its expanding client base.