The latest merger and acquisition deals in the Asia wealth management arena.
Thunes, a Singapore-based global payments company, has taken a majority stake in the anti-money laundering and compliance technology firm, Tookitaki Holding Pte by making an investment of more than S$20 million ($14.6 million).
Thunes and Tookitaki will continue to operate independently, the firms said in a statement yesterday.
Tookitaki, which was founded in November 2014, employs more than 100 people across Asia, Europe and the US. It delivers AML and compliance solutions to banks and financial institutions, using Big Data and machine learning technologies.
The businesses cited figures from the United Nations Office on Drugs and Crime that suggest that between 2 to 5 per cent of the global GDP, or $800 billion to $2 trillion, is laundered each year. Separately, they referred to a JP Morgan report suggesting that total annual transaction costs for global cross-border payments have climbed to $120 billion.
This alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders. At the same time, all Tookitaki's banking and fintech clients will automatically gain access to Thunes' network, unlocking pathways to scale globally," Peter De Caluwe, chief executive of Thunes, said.