Leading RegTech provider Know Your Customer is proud to announce its latest strategic client wins in Singapore: Volopay and Coda Payments. The double win comes in the context of an unprecedented growth of the digital payments industry in Southeast Asia, which is expected to reach an astonishing USD 1.5 trillion by 2030. Know Your Customer’s innovative compliance platform will streamline client onboarding and periodic review tasks for both clients, delivering a more seamless due diligence experience to their vast pool of SME and corporate clients. Let’s take a closer look at what led these fintech companies to choose Know Your Customer as their compliance partner.
The Growing Importance of Compliance in the Digital Payments Industry
The digital payments industry in Southeast Asia is experiencing unprecedented growth, driven by increasing access to technology, growing adoption of smartphones, and an expanding middle class with higher disposable income levels. According to a report by Google, Temasek, and Bain & Company, the region’s internet economy is expected to triple by 2025 to reach USD 300 billion. This growth is being driven by a surge in e-commerce, online media, and ride-hailing services, all of which rely on digital payments.
However, as the digital payments industry grows, so does the importance of compliance. Payment providers need to balance onboarding clients quickly while ensuring regulatory obligations are met. This is where Know Your Customer (KYC) comes in, providing a modular compliance platform that supports clients’ need for cross-border verification and Know Your Business (KYB) automation.
Know Your Customer Compliance Platform: A Modular Solution for Payment Providers
The “Know Your Customer” compliance platform is designed to help fintech companies like Volopay and Coda Payments onboard clients safely while staying on top of their regulatory obligations. The platform is highly modular, supporting cross-border verification and KYB automation to help payment providers unravel complex company structures and verify the identities of clients.
One of the key features of the Know Your Customer platform is its live access to company registries in 127 countries worldwide. This feature allows payment providers to verify company information quickly and easily, reducing the risk of fraudulent activity. The end-to-end digital compliance platform also enables automated periodic reviews, ensuring that regulatory obligations are met on an ongoing basis.
Commenting on the importance of RegTech providers like Know Your Customer, Claus Christensen, CEO of Know Your Customer, stated, “In constant effort to lower the cost of compliance and provide access to essential payment services to SMEs and entrepreneurs, more and more fintech companies are turning to RegTech providers to help them achieve this goal in a shorter timeframe.”
Client Testimonials: Volopay and Coda Payments
Volopay’s Founding Member Rohit Bhageria stated that they chose Know Your Customer for its comprehensive Identification and Verification (ID&V) software suite, strong watchlist management, and enhanced security features. The ID&V suite ensures that client identities are verified securely, and watchlist management minimizes money laundering and fraud risks.
Coda Payments’ Chief Financial Officer, Abhi Sharma, also noted that as a solution-focused company, they are always looking for ways to improve productivity and strengthen compliance commitments. He added that Know Your Customer met all their requirements.
Celebrating Client Wins with an Official Signing Ceremony
Both client wins were celebrated during an official signing ceremony hosted at the Tower Club Singapore in partnership with the Irish Ambassador to Singapore and Enterprise Ireland. The event marked another significant milestone for Know Your Customer in Singapore, as it continues to drive RegTech innovation in the region.
In conclusion, as the digital payments industry in Southeast Asia continues to grow, the importance of compliance cannot be overlooked. Payment providers need to balance the need for quick onboarding with ensuring regulatory obligations are met. The modular compliance platform provided by Know Your Customer offers a vital solution, providing fast, efficient, and secure KYB and cross-border verification while helping fintech companies reduce the cost of compliance. With Volopay and Coda Payments now part of the Know Your Customer client pool, the company can continue to innovate and provide solutions that help SMEs and entrepreneurs quickly and easily access essential payment services.