Turks & Caicos CEO E. Jay Sanders Talks Tech, Financing And Start-Ups In A Recent Interview

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In a recent interview with European CEO, E Jay Saunders, CEO of DSS explains his tech solution to financial inclusion and KYC de-risking.

Two Billion adults are unbanked, many of whom are migrants who rely on remittance services to send money back to their homes to support their loved ones. Despite the best efforts of the World Bank to reduce the average remittance cost to 5% by 2014, it still stands at greater than 7%. “Remittances play an important role in reducing the incidence and severity of poverty”, and a drop to 5% would save remitters approximately US$16 billion per year, which could go a long way to helping their families and friends.

Know Your Customer and Anti Money Laundering regulations are obviously important, but they have an unintended consequence for financial inclusion: leaving developing nations underbanked. E. Jay Saunders is chairman and CEO of DSS, which has created a solution: SafetyNet. SafetyNet uses artificial intelligence to perform due diligence checks across tens of thousands of online data sources, pulling together real-time KYC profiles from the digital droppings we’re all leaving online. He explains how the technology works, and how it can help financial institutions in Europe and in developing economies. Watch the second half of this conversation, where E. Jay Saunders explains his hopes for DSS to establish Turks and Caicos’ reputation as a place for innovative technology companies to grow.

Part one of the two part interview can be seen below

Domus Semo Sancus – DSS for short – is a financial technology company headquartered in Turks and Caicos. From this home – little-known for its fintech or start-up culture – its chairman and CEO E. Jay Saunders has developed SafetyNet, a technological solution to international Know Your Customer regulations and associated de-risking. He explains what inspired him to create SafetyNet, why building DSS in Turks and Caicos was important, and what he hopes establishing an internationally respected fintech brand can achieve for the country.

The second part of the interview can be seen below

You can read more about DSS and here