ComplyAdvantage, the regtech company transforming the compliance industry through machine learning to neutralize the risk of financial crimes, has announced the opening of its new office in Singapore.
This marks ComplyAdvantage’s first foray into the Asia-Pacific region, joining offices in the United Kingdom, United States, and Romania.
ComplyAdvantage’s presence in Singapore will enable it to better serve its clientele in Asia, some of which include Singapore Life, Quoine, Munich Re, Metlife, Big Pay, and AirWallex. Singapore represents a key market for ComplyAdvantage, with its status as a financial hub and the presence of numerous multinational companies.
ComplyAdvantage’s Singapore office will be managed by ComplyAdvantage’s head of Asia-Pacific, Jaede Tan. With more than a decade of experience across Asia, Europe, and the Middle East developing commercial relationships in the investment and technology sectors, Tan is primarily responsible for driving ComplyAdvantage’s growth across the Asia-Pacific and overseeing its day-to-day operations.
ComplyAdvantage has seen significant business momentum in 2019. Earlier in January, the company raised US$30 million in a successful Series B funding round led by Index Ventures and joined by Balderton Capital.
The capital raised was put towards accelerating the global expansion of ComplyAdvantage’s machine-learning platform, leading to the opening of new offices in London and New York in August. Since July 2018, the company has grown in Annual Recurring Revenue (ARR) by 300% and more than doubled its headcount, establishing its position as a fast growing fintech company that serves 400 customers across 45 countries.
As a result of ongoing digitalization efforts, approximately 60% of Asia-Pacific’s GDP is expected to be derived from digital products or services by 2021. With business interactions increasingly taking place online, steps need to be taken to ensure these transactions are anchored in trust, allowing stakeholders to engage in the digital economy with confidence.
ComplyAdvantage’s data-driven approach actively identifies tens of thousands of risk events each day by analyzing millions of structured and unstructured data points, leveraging artificial intelligence capabilities to help financial institutions meet complex anti-money laundering (AML) and counter financing of terrorism (CFT) requirements.
This is especially important for players in Asia’s financial sector, which sits at the centre of the global fintech boom. Economies such as Singapore (67%), China (87%), and India (87%) are leading the region in consumer adoption of financial technology products, exceeding the average global adoption rate of 64%. Singapore, in particular, has seen significant improvements in its adoption rate, which increased nearly threefold from 23% in 2017 to 67% in 2019.
“With digitalization being a cornerstone of the modern economy, compliance cannot be viewed as a business option, but a strategic necessity. This is especially true for businesses operating in Asia, one of the fastest growing and most digitally adept regions of the world,” says Charles Delingpole, founder and CEO, ComplyAdvantage.
“Our expansion into Singapore allows us to deliver a service and workforce that can enable financial institutions to confront the challenges of anti-money laundering screening and transaction monitoring head-on in a more efficient and cost-effective technology-led approach,” says Delingpole.