It’s our fifth birthday here at AsiaVerify! Time flies when you’re pushing boundaries in the RegTech world. We caught up with our CEO Leas Bachatene, along with co-founders Jenny Li and Ficoal Dong, and our COO Elizabeth Fitzell, to reflect on our story so far and discuss what’s coming next.
An idea is born
Before launching AsiaVerify, Jenny and Ficoal worked in an industry that focused on background screening. At that time, conducting verification checks on individuals required significant manual effort. Each check involved a human behind a screen searching for information, making phone calls and entering data.
“By the time we had collected all this data – a process that could easily take weeks or even months – it would often be outdated, essentially defeating the purpose,” Jenny explains.
Realising there had to be a better way, they set out to launch AsiaVerify, a disruptive technology solution that radically reduces manual work by automating time-consuming steps and providing real-time data on companies and individuals based in Asia.
“From day one, we stayed true to our goal. We’ve built technology that fills a crucial gap in the Asian market by delivering high quality, live data for KYB, UBO and KYC processes. This information is always accurate and up-to-date because we access it directly from official sources,” Ficoal adds.
Fast forward five years
Today, we have successfully launched our solutions into market and built a healthy client base spanning 15 countries. We are also honoured to have won numerous significant awards from respected industry bodies that recognise the value and uniqueness of our technology and services. We believe this speaks volumes about the global demand for our solutions.
Ficoal reflects on our progress, noting, “We’ve reached many important milestones that matter greatly to us. The recognition and engagement from industry peers, consulting firms and regulators affirm the impact and relevance of our work. These accomplishments inspire us to continuously explore new possibilities.”
What we are most proud of, however, is our ability to attract top talent from around the world. Leas believes people are the driving force behind our success. “Setting out to be innovative and impactful is one thing; however, you need the skills and experience to execute these goals. We’re fortunate to have the right people with the right mindset on our team, who truly care about moving the needle forward.”
The team behind the technology
Elizabeth agrees that people are paramount at AsiaVerify. “We may be a technology company, but our technology doesn’t build itself. We have exceptional individuals who make AsiaVerify possible. In our organisation, we value people who are experts in their field, have a curiosity to keep learning and a spirit to serve. Our people genuinely care about ensuring our clients and business partners achieve their goals.”
This philosophy has nurtured a company culture that encourages adaptability, a crucial skill in the technology sector.
In the words of one of our team members: “AsiaVerify enables a commendable level of openness to learning across all levels of the organisation, from top executives to entry-level employees. There’s a shared willingness to evaluate what’s not working and make the adjustments that are necessary. The ability to swiftly respond to challenges and learn from them ensures that we remain at the forefront of our industry, constantly evolving to meet and exceed our clients’ expectations.”
Listening to the market
Just as we strive for a tight-knit team within our organisation, we prioritise collaboration over competition with our industry peers. We actively seek feedback to understand our strengths, as well as areas where we can do better. Over the years, we have learned so many valuable lessons from our industry partners and clients, many of whom are industry giants.
Jenny elaborates, “We stand on the shoulders of giants, but we also adopt a giant mindset by being receptive to their feedback and putting it into action.”
Tuning into the market helps us to expand our vision and seize new opportunities. At the same time, advancements in technology have empowered us to develop capabilities that were unimaginable just five years ago.
What’s next for AsiaVerify?
Jenny believes our journey is just beginning. “With focused leaders at the helm and a skilled team executing our strategy, we’re well-equipped and ready for the scaling phase. Five years post-launch, we’ve built a strong foundation that positions us to scale effectively. The challenges, user experiences and feedback from our clients will continue to be central to our business decisions.”
Initially, we tackled fundamental challenges like manual processes, language barriers and accessing real-time data. Having successfully navigated these issues, we’re now set to enhance our offerings further.
“Currently, our partners and clients see us as a trusted gateway to accessing corporate and individual data. Building that trust has taken time, but we’ve achieved it. Our aspiration now is to significantly expand our Asian data and increase the jurisdictions we cover. We’re also leveraging advanced technology to connect this data so we can provide new perspectives, deeper insights, and more thorough analysis. We’re evolving from simply transforming access to information, to delivering industry-leading intelligence, enabling our clients to make faster, more informed decisions,” says Leas.
In the short to medium term, we’re excited to roll out several enhancements within the AsiaVerify product suite. Our enterprise users can anticipate an advanced solution designed to meet their complex needs. We’re also developing a unique data warehouse that harnesses the power of data across the Asia-Pacific, enabling better analytics, smoother cross-border business, and enhanced process harmonisation and standardisation.
We’ll continue integrating cutting-edge technologies like large language models, blockchain, knowledge graphs and semantic search, to name but a few capabilities. These innovations are crucial in cementing our position as leaders in our industry.
“When companies come to Asia to do business, we want AsiaVerify to be the first solution that comes to mind,” says Ficoal. “Our vision is to deliver the best one-stop platform for KYB, UBO and KYC intelligence to global organisations, ensuring their success in this dynamic region.”
