June 16, 2017
MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: Alyne GmbH
Name/Title: Stefan Sulistyo, Co-Founder & Chief Customer Officer
Industry Segment: RegTech, FinTech
Target: Market(s): Worldwide
Stefan Sulistyo: My name is Stefan Sulistyo and I’m a Co-Founder and the Chief Customer Officer of Alyne. I’m responsible for customer interaction, including marketing, sales as well as support. Before founding Alyne, I was the Head of IT Security at Sky Germany and worked as a consultant at Accenture and Deloitte & Touche.
SSU: Alyne is a content-centered RegTech – a next-generation Software-as-a-Service. We enable organizations of all industries and sizes to mature their cybersecurity, risk management, and compliance capabilities and cost effectively measure maturity in their extended enterprise.
SSU: Alyne digitizes risk processes where messy spreadsheets and endless emails currently reign.
SSU: We are selling to small and large business from various industries that are looking to digitalize cybersecurity, risk management, and compliance.
SSU: All four company founders used to work as consultants for risk management and encountered similar problems in the risk management of the clients we were in charge of. Back then, managing risks used to be a time-consuming task battle between Excel files and never-ending spreadsheets. We were convinced that there had to be a smart solution for managing risks – so we built the Alyne platform.
SSU: Our prediction – not for the immediate future of RegTech, but maybe the next few years – is the emergence of new technology to enhance RegTech. The vision many have at the moment to use artificial intelligence to respond to regulatory requirements is still unrealistic; however, using machine learning to identify patterns in data and respond accordingly is highly possible. We also believe that blockchain may provide an interesting application to prove controls assurance within a network of providers, consumers, and regulators of services. There is a very long path of increasing maturity of blockchain applications ahead before we can imagine the technology being useful for RegTech, but we definitely see great potential.
SSU: RegTech products are generally not an impulse buy and selling a product in a developing market does not make that easier. Our target is, therefore, to maintain our position as thought leaders in the RegTech space, expand our sales focus to forward thinking markets such as the UK, North America, Singapore, Hong Kong and Australia and increase our sales and customer success teams to support that growth. We anticipate greater momentum as the RegTech market and our reputation matures.
SSU: Some (depending on the country) still have some irrational fears about cloud service.
SSU: Making sure that our customers are happy and we deliver real value for them.
SSU: We believe in enabling real-time risk insights for stakeholders rather than periodic updates. Reporting requirements are fulfilled by taking a real-time snapshot of a defined subset of managed risks, while decisions are supported through ongoing risk insights.
In exploring the concepts of agile and integrated risk management, we recognize challenges many businesses face in their approach to managing risk. Taking a more agile approach to identifying risk, breaking down rigidity in favor of continuous interaction and moving from risk reporting to real-time risk insights is where risk management needs to evolve to. We believe there are three prerequisites required for this:
SSU: To personally have felt the pain of trying to solve these risk management problems with spreadsheets or old-school enterprise software solutions.
LTP: Thank you, Stefan!
Do you know someone who we should highlight? Send us a note.
If you’re a startup, create your Rocket Profile on www.goMEDICI.com.