Thomson Reuters has partnered with Singapore FinTech Association (SFA) in a bid to counter the growing threat of financial crimes in the country.

Both the entities agreed to collaborate on various projects and initiatives to facilitate the growth of fintech industry in Singapore.

In the process, they will also associate with local universities, startups and industry stakeholders to address Singapore financial crime and work together to resolve related issues.

Singapore FinTech Association president Chia Hock Lai said: “Financial crime is a serious and growing issue for businesses in every industry.

“The Singapore FinTech Association is delighted to partner with a world-class organisation such as Thomson Reuters to find ways to tackle it together.”

As a part of the partnership, SFA and the Singapore unit of Thomson Reuters Labs will also work together sharing their technical expertise.

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Thomson Reuters Labs comprises data scientists, UX designers and engineers working together in advanced data analytics and machine intelligence.

It offers assistance across the fields of data science, artificial intelligence, blockchain engineering and data visualisation.

Commenting on the partnership, Thomson Reuters Labs Asia Region head Sanjna Parasrampuria said: “Thomson Reuters new collaboration with the Singapore FinTech Association supports our focus on fostering open innovation and we are excited to be solving real-world problems as a part of the regional ecosystem.

“Financial crime remains a huge issue globally as well as in APAC, however we believe emerging technologies will help to find new solutions to combat this widespread problem.”

Overall, all the companies are estimated to lose $1.45tn globally due to financial crimes, with losses from the Asia-Pacific region is estimated to be around $166bn, revealed a recent Thomson Reuters True Cost of Financial Crime report.