Trulioo, a leading global identity verification company, has officially expanded to Singapore in response to rapidly growing customer demand in the Asia-Pacific (APAC) region.
Asia has nearly 3 billion internet users and is experiencing substantial growth in digital transformation. Fintech adoption in the region is growing rapidly, with Hong Kong, Singapore and South Korea at 67%, and India nearing China’s 87% penetration.
China and India represent two-thirds of the region’s mobile payment users. The Philippines, India and Indonesia reached more than 20% retail eCommerce sales growth in 2022.
Asia has a positive overall economic trend with more than 1 billion people expected to join the global middle class by 2030.
The move into Asia allows Trulioo to directly serve its extensive and expanding enterprise-level APAC customer base and partners.
“As businesses in the Asia-Pacific region continue to shape the future of our digital world,” said Trulioo CEO Steve Munford, “Trulioo is pleased to work alongside them to establish trust online.”
Advancing regulatory technology in Singapore
Singapore is an excellent launching point for companies to expand their presence in the APAC region. It has strong financial markets, close working relationships with countries in the region and is a leader in adopting new financial technologies. Singapore is an important global economic hub and topped Coincub’s 2021 ranking of countries prepared for cryptocurrency.
Singapore offers a transparent and robust legal system, including strict Anti-Money Laundering (AML), Know Your Customer (KYC) and Proof of Address requirements. Adding operations in Singapore allows Trulioo to expand its offering of sophisticated compliance solutions for enhanced customer onboarding across global markets.
“Ivan Yang, our APAC director, and his team are excited to work closely with our customers and partners in the region as they set the stage for innovation and technical advancement across industries,” Munford said.
Trulioo can help companies expanding into the region by quickly verifying identities and businesses in Singapore and surrounding countries, including Brunei, Cambodia, China, Timor-Leste, Laos, Malaysia, Myanmar, the Philippines, Vietnam, Indonesia and Thailand.
Trulioo Singapore strengthens the company’s global presence, which includes corporate headquarters in Vancouver, British Columbia, and offices across North America and Europe. Trulioo has deep roots in the APAC region, and the expansion further bolsters the company’s 24/7 support for its products and services, comprehensive data coverage with leading match rates and partnerships in emerging markets.