Hyarchis, a specialist in regulatory technology, has opened a Data Science Academy to train the next generation of data scientists. More than 100 students have registered for the course. The Academy was formally opened by the Lithuanian Minister of Science and Education. The Academy is in Kaunas, one of the leading fintech centres in Europe. In addition to the Academy, Hyarchis has also opened its second international office there last month.
With the Data Science Academy, Hyarchis is looking ahead to 2030, says CEO Adriaan Hoogduijn. “While banks are still busy absorbing the internet generation, the first real digital natives are here. They belong to a generation that instead of savings owns cryptocurrencies, buys digital art and uses the Metaverse to connect with others. This generation will completely overturn the current financial landscape. This impacts not only banks, but also the fintechs that currently see themselves as disruptors. Using our Academy, we want to build a system that looks ahead to this new generation of disruptors.”
Hyarchis is building the first system in Europe that can coherently bring together all types of data for KYC compliance, ranging from digital identity verification to blockchain authentication and from traditional documents to crypto wallets. Hoogduijn: “We want to build a system that helps banks serve the generation Alpha and, by doing that, helps them become truly digital-native themselves. We anticipate a new generation of banks that will emerge during the next fintech wave. This is a generation of banks that will disrupt today’s disruptors. Neo banks have brought banking online, but they still fail to embrace digital assets and, in their quest for the ultimate customer experience, neglect to put their regulatory compliance in order.”
Hyarchis helps financial services clients with AI-driven regulatory compliance solutions. The focus is on KYC compliance during the entire customer lifecycle. In addition to its home market of the Netherlands, Hyarchis is active in the United Kingdom, Belgium, Germany and Lithuania. From its newly opened office in Vilnius, Hyarchis aims to shape a European solution to help banks meet the customer due diligence requirements of Basel IV, which will come into effect in 2027. This regulation focuses on the substantiation of the consumer risk analysis in creditworthiness, fraud prevention and anti-money laundering.
The Data Science Academy was officially opened by Jurgita Šiugždinienė, the Lithuanian Minister of Science and Education. She welcomed the initiative: “In recent years we have seen a rapidly growing need for data scientists. Lithuania invests a lot in higher education and in vocational education, but that is not enough to meet the demand for data scientists. We therefore need initiatives from the private sector such as this Data Science Academy, with which we can not only create a promising future for our youth, but also prepare our innovative ecosystem for the future.”