New Partnership Facilitates Real-Time Access to Company Registries for Hong Kong's Financial Institutions

Published 9 months ago

Hong Kong-based RegTech provider, Know Your Customer, has partnered with Joint Electronic Teller Services Limited (JETCO) to enable real-time access to official company registries for financial institutions in Hong Kong.

Know Your Customer and JETCO: A Strategic Collaboration

Know Your Customer specialises in corporate onboarding and ongoing compliance solutions. Its modular know-your-business (KYB) platform and related API set provide live access to the official company registries in over 130 countries worldwide. The platform has already been adopted by seven traditional and virtual banks in Hong Kong.

JETCO is a bank consortium devoted to providing reliable and innovative FinTech solutions to banking industries across Hong Kong and Macau. In 2022, JETCO successfully launched the JETCO Commercial Data Interchange (CDI) Portal. The CDI is a next-generation financial data infrastructure initiated by the Hong Kong Monetary Authority (HKMA) that aims to establish a secure and seamless data exchange ecosystem in Hong Kong.

Streamlining Processes and Enhancing User Experience

The collaboration between Know Your Customer and JETCO aims to streamline know-your-customer (KYC) and KYB processes and enhance the overall customer experience. Financial institutions can leverage Know Your Customer’s real-time connectivity to the Hong Kong Companies Registry and Inland Revenue Department via JETCO’s platform to request and access commercial data.

Claus Christensen, CEO of Know Your Customer, stated that the partnership would enable banks to deploy their live registry connector via a single API within weeks. This acceleration of business verification and SME onboarding could be beneficial in various use cases, from bank account opening to loan approvals and supply chain management.

Extending JETCO CDI Portal Offerings

Yvonne Che, CEO of JETCO, noted that the partnership with Know Your Customer would extend JETCO CDI Portal’s offerings. The partnership would provide valuable commercial data, making it easier for banks to access official company documents and shareholder data of SME and corporate customers.

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