Standard Chartered announced that it has invested funds in Hong Kong-based KYC, KYB and data management platform with the aim of “accelerating the company’s product development and boosting its sales organization – both to meet the increasing demand of the global identity verification market for individuals and corporates that is anticipated to be worth $17 billion by 2026.”
Standard Chartered joins Chekk’s investment round announced in June this year, “led by HSBC and with participation of venture capital firm SOSV.”
Alex Manson, head of SC Ventures, said:
“Chekk is already an established partner for SC Ventures, as our go-to KYC/KYB provider for a number of ventures we have incubated. While several companies claim to optimize customer on-boarding in banking, none comes close to Chekk, with real-time data collection delivering a digital advantage across multiple stakeholders. We are thrilled to partner with this great team, including with our most recent investment, to be addressing a real gap in our industry.”
Pascal Nizri, Co-Founder and CEO of Chekk, remarked:
“Chekk has a unique proposition, taking KYB and KYC to another level of capabilities and customer experience, which resonates very well with various parts of Standard Chartered Bank and its partners. It is rapidly becoming a standard across multiple business units and is also being adopted by various other financial institutions and fintechs around the world.”
The global identity verification market for individuals and corporates “was valued at US$8 billion in 2020.”
It is expected “to reach $17 billion by 2026, registering a CAGR of 13.29%.” Major growth drivers of the market “include enhanced global regulations in customer due diligence to combat the rise in financial crimes, as well as the need for digitization of customer onboarding processes.”
As technology advances, KYC/KYB and AML regulations “have been increasing globally with growing demands made of financial services in particular, against the backdrop of a rise in fraudulent activities worldwide.”
Pascal Nizri remarked:
“Our platform aggregates data sources from around the world (e.g. ‘live’ government corporate registries, global commercial data partners, anti-money laundering lists, ESG data) to feed into a modular ecosystem of advanced capabilities and channels, enabling organizations like financial services providers to manage relationships with business and individual clients. Beyond already being our client, we are delighted to welcome Standard Chartered Bank as investors, to support the expansion of our product suite, teams and client base globally.”
As covered, SC Ventures is “a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models.”
Standard Chartered claims it is “a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 83.”
Their purpose is “to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.”
