Innovating Know Your Customer – Darryl Tan

Darryl Tan is the CEO and Co-Founder of KYCK! – a company that provides a first level KYC platform to financial institutions with remote on-boarding capabilities that raises both the quality and convenience of first level KYC. He shares his entrepreneur journey from asset management to CleanTech incubation and to Regulatory Technology (RegTech).

Tell me a little bit about yourself.

I previously held a designation of an Assistant Vice President at DBS Vickers Securities and was responsible for retail equity dealing and equity portfolio management. I was also involved in fund raising work pertaining to two Indonesian listings. Recently, my team and I led an asset management company, with ownership of Mining, Oil and Gas (MOG) assets in four countries in Southern Africa. The team was responsible for monetization, divestment and M&A activities. Currently, I am  also a Founding and Managing Partner of Cleantech Incubator Lignar Labs and working with VC partners to identify and curate new Cleantech technologies.

What is your business venture about?

KYCK! enables governments to build an in-country, on-premise KYC platform, where data storage, management and access are controlled by governing authorities.

The platform can be white labelled and customised to suit remote on-boarding requirements.

KYCK! is a platform with verification/validation capabilities that raises the quality of KYC at a higher level of convenience.

What is your mission at the outset?

KYCK! aims to provide different industries with a solution to bring forth financial inclusion and bank the unbanked, through remote on-boarding capabilities.

How did you get your idea or concept for the business?

The 2 Co-Founders were previously from the securities and brokerage industries and therefore were very aware about the pain points associated with the manual and tedious first level KYC process within financial institutions.

What is unique about your business?

Unlike other KYC solutions, KYCK! is customisable and is relevant to the current requirements of different industries which are involved in the on-boarding process. We also provide a verification and validation rules engine pertaining to document submission and facial recognition to ensure that each identity on-boarded is not only genuine but also robust.

Who do you sell to and how do you get customers?

We sell the platform to regulators and financial institutions at this current moment. But, we are agnostic and not restrictive, meaning, the platform we developed is able to serve many different verticals within different industries.

Why will customers stay or do repeat business with you?

KYCK! provides these benefits:

  • Financial Inclusion – ‘Bank the Unbanked’
  • Cost savings derived from improved verification processes
  • Intangible benefits from improved process efficiencies
  • Redirection of resources to AML/CTF surveillance
  • Trusted verification/validation platform
  • Reduce compliance KYC work flows

 

What have been the biggest obstacles?

We are developing a product for an industry that is bound by Legacy policies and regulations. Many banks, and other institutions alike, in developing countries are restricted by legacy (Standard Operating Procedures (SOP), therefore, they have been slow to innovate. That is changing fast! The top banks in developing countries are embracing innovation quickly and pushing through new technology through the ecosystem.

If you had one piece of advice to someone just starting out, what would it be?

Live everyday like it is your last. The journey is hard, but persevere.

Do you have any final thoughts?

It is my greatest wish that Singapore be the driver of financial innovation in the next 5 years. We can lead our fellow South East Asian friends through the cusp of a technology revolution. Stamp the “Singapore Brand”, with our global partners, as the hub of technology and innovation.

Who is your biggest inspiration or drive to do what you are doing?

Needless to say, my wife, my family and my close friends, who constantly remind me that regardless of how many failures, they would continue to stand beside me.

What’s next for you and for KYCI?

Mass deployment of product through different industries. Seeing a revolution in on-boarding capabilities and ultimately, financial inclusion for all.

Chia Hock Lai

Chia Hock Lai

Chia Hock Lai is passionate about how technology is changing the way financial services are being delivered to consumers and corporates, and in the process making the financial system more efficient.

Hock Lai has 17 years of experience in the financial sector, having performed roles in both business and technology. He graduated from National University of Singapore (Real Estate), Nanyang Technological University (Infocomm Technology) and Nanyang Polytechnic (Fund Management & Administration).
Chia Hock Lai
Posted in

Leave a Reply