$2.3 million Government Grant approved for anti-money laundering fintech project: Novatti

$2.3 million Government Grant approved for anti-money laundering fintech project: Novatti

ASX-listed fintech leader Novatti Group has announced that an anti-money laundering fintech project it will lead has been approved for a $2.3 million grant under the Australian Government’s Cooperative Research Centres Projects (CRC-P) Grants program.

Government CRC-P Grants provide funding for short-term research collaborations. The program supports industry-led research collaborations that must develop a product, service or process that will solve problems for industry and deliver real outcomes, benefit small to medium enterprises (SMEs) and include education and training activities.

Novatti’s application was submitted in collaboration with Royal Melbourne Institute of Technology, Hashkloud, thankQ Solutions and Swyftx. The total project value is $6.1 million which covers the cash and kind commitments by the collaboration partners, with government funding back to the collaboration partners of $2.3 million. The project runs from 5 January 2023 to 30 November 2025. The first $830,000 is due for reimbursement by 30 June 2023.

The collaborative project will focus on developing a digital platform consisting of novel anti-fraud and anti-money laundering techniques, to align crypto transactions with traditional payment options such as credit cards. It will allow consumers, merchants, and exchanges to acquire, verify and transfer crypto with trust and scalability while conducting daily business. Thus, it will modernise Australian industries to take the lead in leveraging such currencies globally.

Novatti Managing Director Peter Cook said, “Concerns over cybersecurity have greatly increased over recent years where it has become the most critical corporate risk. There is a growing need to develop innovative new solutions that can prevent fraud and money laundering in the digital space and with Novatti’s fintech and regtech suite, we are well positioned to address these risks.

“Through this collaborative project and with the support of Government funding, we are seeking to provide an innovative solution that can mitigate these risks and hence enabling digital asset transactions to support long-term growth in Novatti’s financial transactions and payments revenues.”

The CRC-P Grant funding will run through to 30 November 2025.

Disclosure: At the time of writing, Australian FinTech Pty Ltd is a shareholder of Novatti Group Limited.