Singapore/Hong Kong, 9 December 2021 – AsiaVerify was recognised as ‘One to Watch’ in the KYC & Onboarding category in the 4th Regulation Asia Awards for Excellence 2021 at an online ceremony on 9 December 2021.
AsiaVerify provides two distinct and interrelated core solutions in a single platform. Instant Company Check performs KYB and ultimate beneficial ownership checks, while Instant Customer Check provides comprehensive searches for AML and KYC compliance. The solutions obtain data only from authoritative and trusted governmental and non-governmental databases, and provide alert warnings whenever irregular activity is detected.
The solutions provide real-time data for the verification of business partners, corporate customers and individual clients in key Asian markets, most notably China where many international firms experience difficulties conducting KYC checks. AsiaVerify also uses a sophisticated propriety algorithm to provide rapid and accurate translations of the data, addressing a key pain point for firms looking to do business in Asia, highlighted one judge on the awards panel.
Built on intelligent API technology, AsiaVerify is able to process thousands of queries per second, helping firms to streamline KYC workflows and significantly reduce the time and costs associated with verification and compliance checks. Notably, Instant Company Check also provides visual maps of complex shareholder structures and the relationships between entities, addressing another key industry pain point, another judge noted.
“The ability to properly verify the ownership behind corporate structures and assess risk has been a major challenge for the financial industry, particularly given the limited access to such data or poor data quality in some jurisdictions,” the judge said. “Many firms today are spending millions of dollars to get their KYC systems up to standard. AsiaVerify helps firms to guard against risk and comply with regulatory obligations in a much more a cost-effective way.”
AsiaVerify designs and configures bespoke solutions for firms, while also offering access to an open source platform for a firm to self-build a solution tailored to its specific needs. In addition, smaller firms including non-financial SMEs can leverage a web application for one-off verification of business partners and suppliers. Over 30 firms – including regtech firms – have integrated AsiaVerify’s solutions into their technology platforms.
Instant verification checks are currently available in five APAC jurisdictions – China, Hong Kong, Taiwan, Singapore and Japan. Coverage is currently being expanded to include Korea, Indonesia, Malaysia, India, New Zealand and Australia. AsiaVerify plans to offer coverage of 28 APAC countries by the end of 2023.
About the Regulation Asia Awards for Excellence 2021
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help to ensure the highest standards for regulatory compliance are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2021 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.