Vancouver, B.C. – V-Train Technologies Inc. is pleased to announce its international partnership with Singapore Financial Crime Compliance Association (SFCCA) to develop the first curriculum in its immersive compliance and ethics training (CET) program. Current CET practices in the financial services industry rely on passive learning experiences or box ticking online modules that are costly to deliver over a globally dispersed workforce, result in poor information retention, and do not deliver on insightful learning experiences and behavioural change. V-Trian seeks to revolutionize skill development through immersive learning experiences delivered through virtual reality (VR).
Partnership a collaboration of subject matter and technical expertise
V-TRAIN is excited to work in partnership with SFCAA on the initial “proof of concept” scenario in the field of Financial Crime Compliance (FCC). The scenario construction will cover a scripted interactive anti-money laundering simulation that will highlight prospective issues faced by front office relationship managers in private banking, also applicable to commercial banks and other financial institutions, in handling new client onboarding transactions or existing client transactions.
SFCCA is a compliance training firm experienced in delivering training to the global financial services industry. The primary content creator and founder, Dr Rohan Bedi, specializes in financial services compliance and has worked for over 25 years in the field, at firms including Euromoney Learning, Coutts Private Bank, JP Morgan and Bank of America.
“We were looking for a global perspective in addressing compliance and ethics issues in the financial services industry and we couldn’t be happier to find a partner in SFCCA that has that expertise in FCC training. We have some terrific Canadian technology partners lined up that we are going to be announcing shortly and over the next 6-months V-Train will have a proof of concept that will demonstrate how virtual reality can be used to create immersive learning experiences that can provide exponentially better outcomes for the end user. The partnership with SFCCA is a critical first piece.”
— Ranjeet Sibia, CEO of V-Train Technologies Inc.
The scenario developed in this partnership will then be converted into an interactive and immersive VR module, where employees in the financial services industry will get near real-word experience and feedback on the compliance and ethics challenges that they face while working in the industry.
Immersive learning experiences a game changer for financial services industry
Compliance and ethics are not easy to teach or learn. Textbooks, lectures, or multiple-choice questions do not convey the emotions, pressure, and implications that employees experience when faced with ethical dilemmas in their jobs. While some employees find compliance material dry and difficult information to retain. We can improve employee retention and decision making when faced with relevant situations by simulating scenarios employees are likely to face on the job using immersive technology and gamification.
“VR is the future of training and V-TRAIN is at the forefront of bringing these solutions to FCC training. SFCCA has always been interested in exploring next generation technologies that captivate user attention. V-TRAIN seeks to achieve precisely this through its focus on VR driven interactivity that creates strong user engagement and an “ownership” mindset. We are honoured to partner with V-TRAIN to achieve this evolutionary transformation as their content partner for this very important proof of concept.”
— Dr. Rohan Bedi, Executive Director of SFCCA
By developing employees and future leaders in the financial services industry using immersive technologies, firms will not only be able to protect themselves from compliance and ethics breaches and fines but also draw on employee “ownership mindset” as an organizational strength.
About V-Train Technologies Inc.
V-Train Technologies Inc, founded in 2020, is an innovator in delivering immersive training experiences for the global financial services industry. We ensure that the global financial services industry is a key pillar of growing economies by creating effective ethics and compliance training that use the latest in immersive technologies such as VR.