Leading RegTech provider Know Your Customer has announced a new strategic partnership with Joint Electronic Teller Services Limited (JETCO) to facilitate real-time access to official company registries for Hong Kong’s financial institutions.
Know Your Customer is an award-winning RegTech company headquartered in Hong Kong and specialised in corporate onboarding and on-going compliance solutions. The modular know-your-business (KYB) platform with related API set provides live access to the official company registries in 130+ countries globally and has already been adopted by seven traditional and virtual banks in Hong Kong.
As a bank consortium, JETCO is devoted to providing reliable and innovative FinTech solution to banking industries across Hong Kong and Macau. In 2022, JETCO successfully launched JETCO CDI Portal to facilitate banks, as well as data consumer, and data providers to easily on-board to the Commercial Data Interchange (“CDI”). CDI is a next-generation financial data infrastructure launched by the Hong Kong Monetary Authority (HKMA) that aims to form an ecosystem for secure and seamless data exchange in Hong Kong. With CDI, banks, and data providers, which are the sources of commercial data, can reach out each other via a single connection to CDI, which ensures that data sharing is more secure, efficient, and scalable.
With the collaboration between Know Your Customer and JETCO, financial institutions will be able to easily leverage on Know Your Customer’s real-time connectivity to the Hong Kong Companies Registry and Inland Revenue Department through JETCO’s platform to request and access to useful commercial data. This facilitates a much faster and streamlined know-your-customer (KYC) and KYB processes for enhancing the overall customer experience.
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.”