The BASIS ID Tale – How Digitisation is Revitalising Client Onboarding
BASIS ID, the Estonia-based startup dedicated to ease the hurdles from customer onboarding and KYC will co-host with RegPac an event during the Singapore FinTech Festival. Given the tightened regulatory controls arising from recent scandals with the likes of 1MDB, BASIS ID enjoys a market leader position by offering a KYC service that exactly meets the needs from today’s landscape. By offering an agile yet efficient KYC tool, BASIS ID is making client onboarding seamless.
The fact that the Monetary Authority of Singapore (MAS) is combining its capabilities with other government bodies to host the first ever integrated SFF X SWITCH edition, strengthens the notion that Singapore is committing to synergise resources in an attempt to deepen technology capabilities through a cross-industry platform. With compliance having an exponential crucial role in today’s businesses regardless of industry, it is a given that compliance practices with the likes of AML/KYC will be at the epicentre of this year’s SFF.
This workshop, taking place on the 14th of November at Found8 from 16:00 – 18:00 will see a collaboration with Wirecard, a prominent digital finance commerce platform. The event will include a panel discussion in which BASIS ID, along with RegPac Revolution and distinguished speakers will talk about onboarding processes as well as the current regulatory landscape. Demonstration of common fraud cases and methods of optimising KYC process so as to reduce costs will follow.
“We have organised this event in order to gather the decision-makers of the regulated institutions in one place and discuss the regulatory environment. We are going to highlight the methods for optimising the on-boarding process, that enable tracking a significant increase in the customer base while staying fully compliant with the legislation.”
This will be the first of a series of events aiming to assist European RegTech firms to further their expansion into SEA and the rest of APAC. It will be an on-going collaborative development that will look into 2020 and beyond.
“The BASIS ID collaboration with Wirecard shows that traditional KYC services are no longer up to date to meet the rigorous needs from today’s environment. Therefore, the need for a digitised KYC tool as the one BASIS ID offer is ever more crucial, marking the importance to build a collaboration/partnership to foster the development in the compliance realm.”