Selfie Verification in APAC – Thailand, Singapore, Malaysia
Financial technology (fintech) is one of Southeast Asia’s fastest-growing sectors. It has even been said that the region has been one of the frontrunners in fintech adoption globally!
In fact, fintech funding in the region more than tripled, hitting a record $3.5 billion in the first nine months of 2021. In addition, fintech’s annual revenue in Southeast Asia is said to reach $38 billion by 2025.
That said, a key enabler of this rapid growth is eKYC. Echoing TRUSTDOCK’s maxim, truly, eKYC is a gateway that leads to customer happiness and to a business’s success!
In this post, we explore the Southeast Asian market to see whether the adoption of eKYC in the region is difficult.
Why is Southeast Asia a hotbed for eKYC adoption?
Despite limited access to traditional banking services, the widespread use of smartphones has paved the way for the growth of fintech in the region. In fact, even at the height of the Covid-19 pandemic, at least 60 million new consumers have joined Southeast Asia’s digital economy.
With this, here are a few possible reasons why the region is a hotbed for eKYC adoption:
- Growing middle class:
The growing middle class in Southeast Asia represents a significant opportunity for businesses looking to offer digital financial services. This growing segment of the population is eager to embrace new technology and is more likely to adopt eKYC as a means of streamlining their onboarding process.
- Internet penetration:
For context, here are the penetration rates of some Southeast Asian countries in 2022: Singapore sits at 92%, Malaysia at 89.6%, Thailand at 77.8%, Indonesia at 73.7%, and the Philippines at 68%.
Internet penetration rates in Southeast Asia are rapidly increasing, making it easier for consumers to access digital financial services. This increased connectivity is helping to drive the adoption of eKYC in the region.
- Supportive regulatory environment
The governments in Southeast Asia have been working to promote the adoption of digital financial services. As such, this had helped create a favourable market for eKYC adoption.
Unsurprisingly, each country has its own regulator. For example, Singapore has the Monetary Authority of Singapore (MAS), Thailand has the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC), while the Philippines has the Banko Sentral ng Pilipinas (BSP).
Is your eKYC prepared to fit in Southeast Asia?
Despite the various factors that make Southeast Asia a hotbed for eKYC adoption, since each country is unique, they have their own style of doing things.
For example, if you have a business in Singapore, then you would base your eKYC processes on the Singaporean context. This means you have to comply to the eKYC requirements of MAS.
That said, if you wish to enter the Thai or Filipino market, their processes and eKYC regulatory boards are different. As such, you would be required to juggle various processes and comply with different regulatory boards to be able to conduct eKYC in various Southeast Asian countries.
Unfortunately, those are not the only barriers to regional eKYC adoption. Some of them are the following:
- Technological infrastructure: The level of technological infrastructure in Southeast Asia can also impact the ease of implementation of eKYC solutions. Some countries may have higher levels of technology adoption like Singapore and Malaysia, while others may face more challenges in this regard, like the Philippines.
- Cost: Implementing eKYC solutions can be expensive especially for small and medium-sized enterprises (SMEs) that may not have the resources to invest in technology.
- Technical expertise: Implementing eKYC solutions can require technical expertise and specialized knowledge. Unfortunately, this expertise may not be widely available in some markets.
So, are you prepared to fit your eKYC process in the Southeast Asian region?
Feel free to share your experience with us at If yes, please share your experience with us here at TRUSTDOCK.
We would genuinely like to know your efficiency and your conversion rate.
That said, if you think your business is not prepared, TRUSTDOCK can help you.
The global solution
We understand that the implementation of eKYC regionally can be a complicated process. As such, TRUSTDOCK can eliminate this complicated process for you.
TRUSTDOCK accepts over 10,000 ID documents that span over 200 countries to ensure broad acceptance and efficient eKYC process.
Likewise, our UI is simple yet sophisticated making it easier for both your users and operations teams.
At TRUSTDOCK, we believe that eKYC is the gateway towards the happiness of customers and the growth of businesses.
As such, if you are looking for a global solution that can help prepare your business to take on the Southeast Asian region, TRUSTDOCK is the vendor for you.
Final thoughts
Adopting a regional eKYC solution to your business can provide several benefits including increased efficiency, strengthened security, better customer experience, increased customer trust, amplified customer retention, and many more!
That said, given the uniqueness of each country in Southeast Asia, eKYC implementation may prove to be difficult.
However, with the help of TRUSTDOCK, you can be assured that your customers will be happy and you’ll see growth in your business.