Updated: Oct 26, 2022
Scalare is excited to announce that AsiaVerify joins the Scalare Partners portfolio as our 10th investment - as we continue to help technology game changes disrupt globally. Headed by regulatory technology expert Ficoal Dong, AsiaVerify has already built-out an impressive team, technology platform, partner portfolio and started to gain traction in its $11.8B Know your Business (KYB) market.
WHAT DOES ASIAVERIFY DO?
Incorporated in Singapore in April 2019, AsiaVerify is a regulatory technology platform designed to increase simplicity, trust and confidence when doing business in Asia – servicing both the B2B and B2C market. Traditionally, conducting regulatory and compliance checks on APAC companies, customers, and employees can be challenging, with businesses struggling to access good quality, up to date information - without lengthy lead times, high costs and hard to overcome language barriers. AsiaVerify has solved this complex issue with its elegant, globally scalable AI technology platform, strategically plugged into the most legally authoritative data sources in its country-by-country roll-out.
WHY DID SCALARE INVEST?
The Market: As global regulatory pressures increase and businesses and their supply chains become increasingly interconnected - global Know Your Business (KYB), Know your Customer (KYC) and Employee Check technology will not only gain traction, but become business-critical. Government regulators increasingly require more stringent business verification and ultimate beneficial ownership (UBO) checks, such as 4AMLD legislation in Europe and the FinCEN Final Rule in the US. The market for KYB services alone (business verification, beneficial ownership identification, and risk assessment services) for business entities and their beneficial owners — is predicted to reach the US $11.8 billion by 2022 (OWI Labs). Despite this, the APAC market segment continues to be underserved, with traditional players struggling to provide good quality data and overcome language barriers without lengthy lead times and high costs. These market conditions have enabled AsiaVerify to make significant market disruption in its first 12 months of business, after launching the first version of the product in September 2019.
AsiaVerify is headed by Founder and CEO Ficoal Dong, a regulatory technology expert with a strong track record in starting and managing compliance technology business in Singapore and China. Ficoal has built a highly-skilled, specialist team combining deep regulatory and commercial due diligence experience with technology development and AI experts.
AsiaVerify’s robust technology platform combines Natural Language Processing (NLP), Optical Character Recognition and AI to provide a reliable and trustworthy platform for customers to effectively evaluate business entities, customers, and employees in real-time and in their own language.
Pictured: Overcome the language barrier, search and get company information in real-time .
Since onboarding its first customer in October 2019 (fellow Scalare Partners portfolio company, ethiXbase), the business has gained significant momentum, now servicing 31 customers around the globe.
Today, AsiaVerify’s data coverage includes major markets: China, Japan, and Taiwan - with the plan to roll-out across Indonesia, Hong Kong, Singapore, Malaysia, India, and Australia, by the end of 2021. Expression of interest
If you would like to assist or find out more about AsiaVerify, please contact firstname.lastname@example.org.
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