The Asia Pacific managing director of ComplyAdvantage says demand is growing in the region for its AI and machine learning-enabled data risk management and financial crime detection solutions.
«Developed parts of Asia are undergoing a huge wave of digitalization, and at the same time people in developing parts of the region are coming online and getting bank accounts for the first time, driven by things like smartphones and online banking,» Jaede Tan told finews.asia in an interview about money laundering trends in the region and the company’s expansion plan.
«The opportunity today is huge – while consumers want things faster, regulations are only getting tighter, and lots of businesses are finding this a major source of friction as legacy systems cannot handle this,» said Tan, who is responsible for driving ComplyAdvantage's growth across Asia Pacific and overseeing its day-to-day operations.
Founded in the U.K. in 2014, ComplyAdvantage uses machine learning and natural language processing to facilitate regulatory compliance and anti-money laundering checks so that a bank account can be opened instantly on an app. Its major clients including Santander Bank, Binance, and Azlo.
Market Expansion
It expanded to Singapore 18 months ago and now has a team of 12 here, comprising sales and marketing, customer success, as well as its global head of data and research. Clients here include Singapore Life, Quoine, Munich Re, Metlife, Big Pay, and AirWallex.
The firm's Singapore office, it's Asia Pacific headquarters, also services clients in Hong Kong, Japan, Korea Indonesia, Philippines, Vietnam as well as Australia and New Zealand.
«We're absolutely looking to expand in the region. It's not only about creating a great product, but also providing good service going forward. We want to be able to support our partners and clients in their growth,» Tan said.
Funding for Growth
The company also recently closed a $50 million series C funding round, which it said would be used for rapid product and market expansion across the United States, Europe, and Asia-Pacific region.
«We're extremely excited to have closed this funding round, and having quality investors like the Ontario Teachers Pension Plan behind us. A large part of that is going to focus on growth in the region, and Singapore's going to remain a hub and a very important part of that overall ecosystem,» Tan said.
