Most AML (anti-money laundering) RegTech solutions in the market are based on Western-centric solutions without any native compatibility with non-Latin characters. In the case of the involvement of non-English names, the average software transliterates the name into Latin characters and applies fuzzy logic when checking against sanction lists, making the process prone to errors.
Addressing this problem, Cyberport incubatee Aereve has developed a suite of solutions to help financial institutions and non-bank sectors (e.g. law and accounting) ensure regulatory compliance more accurately.
Aereve’s flagship product, Aereve E2AML (Effectiveness & Efficiency to manage AML), is an AI-powered, cloud-based communication portal for AML/CFT/KYC analytics without the shortcomings of Western-centric solutions. Given the rapid development of Asian markets, the ability to perform KYC/AML with non-Latin characters has become increasingly crucial.
Aereve's technology has also penetrated untapped market segments that require an integrated RegTech solution for many needs related to compliance. It is now used for CRM, IRA, EDD, CSR, and ESG.
The Cyberport incubatee was founded in 2020 by two Oxford graduates, Andre Leung and Arnold Chan, and was the first Cyberport company to obtain financial support from Hong Kong Monetary Authority’s Financial Supervisory Sandbox 3.0. Beyond home shores, it has signed a memorandum of understanding with a global company to provide blockchain-based carbon credit exchange technology; entered into a technology partnership with a licensed virtual bank on the mainland; and received approval from the Nansha government to join the “Greater Bay Area Cross-Border Data Mutual Recognition Platform”, among others.
