Financial regtech firm Tookitaki opens Manila office

SINGAPORE-BASED regulatory technology (regtech) firm Tookitaki has opened a satellite office in the Philippines amid growing demand for anti-money laundering (AML) compliance solutions among local players.

In a statement on Tuesday, the company said its new office at Ayala Triangle Tower One in Makati City aligns with its plan to expand its presence in Southeast Asia. 

Tookitaki’s satellite office is expected to help grow its local team, boost engagement with financial institutions, and offer more on-the-ground support. 

This comes amid the increased demand for advanced technologies as financial crimes grow more complex, said Tookitaki Founder and Chief Executive Officer Abhishek Chatterjee.

“Our presence in Manila allows us to bring these capabilities closer to Philippine financial institutions and support their continued growth,” he was quoted as saying. 

He noted that Tookitaki’s artificial intelligence-driven solutions and federated approach to fighting financial crime would help financial firms detect complex fraud patterns, uncover hidden risks, and strengthen AML compliance.

“By strengthening our local presence, we can collaborate more effectively, respond more quickly to client needs, and continue providing exceptional service as institutions navigate an increasingly complex financial crime landscape,” Tookitaki Co-founder and Chief Operating Officer Jeeta Bandopadhyay said.

Tookitaki launched its Philippine operations in 2022.

The company supports key financial technology (fintech) players in the country, including electronic wallets GCash, Maya, and payment gateway platform PayMongo.

With the Philippines growing into a key fintech player in the region, Tookitaki’s local expansion helps utilize the country’s local talent amid evolving financial crimes, Tookitaki President Isabel Ridad said.

“We see tremendous potential in the country’s talent pool, and we are proud to invest in Filipino professionals who will help drive innovation and strengthen the global fight against financial crime,” she added.

In February last year, the Philippines was officially removed from the Financial Action Task Force’s “grey list” of jurisdictions under increased monitoring for money laundering and terrorism financing. — Beatriz Marie D. Cruz