Singapore-based finance services provider Aspire has partnered with Know Your Customer to offer the latter’s digital onboarding capabilities to the estimated 70 million small- and medium-sized enterprises (SMEs) and entrepreneurs across Southeast Asia.
The new partnership will enhance Aspire’s ability to digitise and streamline corporate onboarding for SMEs, entrepreneurs and corporate clients using Know Your Customer’s digital solutions and coverage of real-time registry connections globally.
SMEs and startups are often in need of business accounts, loans, credit cards, and a platform to manage their receivables and payables. But access to these financial products remains difficult for many, often due to slow and outdated verification processes. Real-time access to company registries can resolve this issue, giving financial institutions access to information on companies not yet present in conventional KYC databases.
Founded in 2018 to provide working capital loans for SMEs, Aspire now offers a portfolio of services to more than 10,000 businesses across the region, including multi-currency accounts and cards, expense management, payable management, and receivable management solutions.
Know Your Customer, meanwhile, is a regulatory technology provider specialised in modular compliance solutions that enable businesses to build the corporate onboarding process that best fits their requirements. The company recently announced the expansion of its real-time coverage to 500+ company registries across 123 countries worldwide, officially becoming the No. 1 KYB provider in the industry.
According to Claus Christensen, CEO & Co-Founder of Know Your Customer, “I strongly believe that building solid synergies between disruptive Fintechs and innovative RegTech providers is key to drive the whole industry forward and this partnership is a perfect example of two innovative companies coming together to meet a pressing market need.”
Know Your Customer provides a single source of truth, enabling clients to reduce AML risk, streamline processes through agile automation, improve data accuracy through live connections to company registries, and comply with internal, board and regulatory reporting demands.
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