Invitation to join SuperCharger’s accelerator programme in March is game-changer for digital on-boarding solutions start-up KYC.
The regtech firm is one of 10 aspiring companies ambitiously aiming to transform banking and wealth management for individuals and businesses to be chosen to take part in the coveted accelerator programme, backed by international banking group Standard Chartered.
The SuperCharger event offers a platform to facilitate and scale innovation in the fintech space. In total, SuperCharger alumni have raised more than USD 370 million and closed 16 commercial partnership deals as a direct result of the programme. This year SuperCharger received a record 277 applications from more than 40 countries, will commence on 19 March and will focus on human-centric banking. Artificial intelligence and regulation technology are the dominant themes this year.
Claus Christensen, KYC CEO, said: “It is huge endorsement that KYC has been chosen from 277 potential aspiring financial technology companies to participate in this game-changing programme and is testament to the desperate need in financial services and other sectors to introduce automation and digitise processes with software to support their KYC compliance teams in fully adhering to new and updated regulations..
“The on-boarding process for clients is still often done manually, which is increasingly incompatible with today’s world of technology and the speed that clients are so used to from the digitisation of other activities.
“Not only is having a paper-based process slow and costly, but leaves institutions relying on their end client to verify their own identity wide open to abuse. Our software automatically collects documents essential for KYC compliance from government sources, such as company registries, at speed, bypassing the end customer, who has the potential to abuse the paper-based system.”
During the programme, KYC will have access to expert advice in market developments and obligations, fundraising opportunities, mentorship and the potential to hugely raise its profile in one of the most vibrant smart banking hubs in the world. It will also look to benefit from the many introductions to key decision makers that the programme will offer to help grow its Asian business further.
During the programme, KYC will open an office in Hong Kong as well as a branch in Singapore to capitalise on a growing focus on anti-money laundering and regulatory compliance in the highly dynamic Asia Pacific region..
A LexisNexis study on financial institutions in six markets in Asia, including Hong Kong and Singapore, in 2015 estimated that compliance costs were USD 1.5 billion annually for banks alone, with expectations that this would increase.
Claus Christensen, KYC CEO, said: “AML compliance change across Asia is being led by a mix of local and international regulations, with a significant portion of compliance costs spent on staff manually processing know your customer documents. Technology used to automate on-boarding processes and the move to a fully digital compliance workplace are still in their infancy. This represents a huge opportunity for KYC.”
Last year, KYC was shortlisted for a UBS Future of Finance Challenge EMEA award for its innovative approach to streamlining the on-boarding process and improving compliance of anti-money laundering (AML) legislation.