Know Your Customer, a renowned RegTech provider, has announced a strategic partnership with Joint Electronic Teller Services Limited (JETCO) to offer real-time access to official company registries for financial institutions in Hong Kong.
This collaboration is set to transform the way financial institutions in the region conduct their Know Your Customer (KYC) and Know Your Business (KYB) processes, making them faster and more efficient.
The partnership will enable financial institutions to leverage Know Your Customer’s real-time connectivity to the Hong Kong Companies Registry and Inland Revenue Department via JETCO’s platform. Consumers will reap the rewards of this seamless integration, allowing them to request and access valuable commercial data swiftly and efficiently, in a move that is set to bolster the overall customer experience.
Know Your Customer’s modular Know Your Business (KYB) platform, along with a related API set, provides live access to official company registries in over 130 countries globally and has already been embraced by seven traditional and virtual banks in Hong Kong.
JETCO, on the other hand, is a bank consortium dedicated to delivering innovative FinTech solutions to the banking industry in Hong Kong and Macau. In 2022, they introduced the JETCO CDI Portal, aimed at simplifying onboarding for banks, data consumers, and data providers. This platform connects various stakeholders through the Commercial Data Interchange (CDI), a next-generation financial data infrastructure launched by the Hong Kong Monetary Authority (HKMA) to facilitate secure and seamless data exchange.
Claus Christensen, CEO of Know Your Customer, commented on the partnership, “As an organisation, we are committed to the mission of financial inclusion for SME customers in Hong Kong. Through this new partnership with JETCO, banks will be able to deploy our live registry connector via a single API in a matter of weeks, thus accelerating business verification and SME onboarding for multiple use cases, from bank account opening to loan approvals and supply chain management.”
Yvonne Che, CEO of JETCO, commented, “Through the partnership with Know Your Customer, JETCO extends its offering on JETCO CDI Portal solution further by presenting valuable commercial data from Know Your Customer so that banks can access to official company documents and shareholder data of SME and corporate customers in a much simpler and effective way.”
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