Onfido sees 174% YoY sales revenue growth in APAC, delivering compliance solutions with identity verification

December 1, 2020 Laura Noye

Continued momentum comes as digital transformation efforts are expedited with increase in demand for online services

Onfido, the global identity verification and authentication company, today announced record Q3 2020 sales growth in APAC, including 174% year-over-year growth (YoY). The exceptional growth was fueled by demand for streamlined digital identity verification and compliance solutions.

The announcement follows the global and US growth announcement which recorded an exceptional 82% increase in global sales over Q3 2019, more than doubling sales from net new customers and 237% growth in U.S. sales over the same period.

“Physical access has been particularly challenging during the COVID-19 pandemic, leading to many industries such as financial services, online healthcare and marketplaces experiencing surges in demand for online services,” said Harvinder Singh, GM APAC at Onfido. “It is essential that organisations can remotely identify their users online with the highest level of assurance yet still provide a fast and simple end-user experience. We’re pleased to be helping companies in APAC achieve this - enabling them to transform the customer experience and continue to scale with increased customer demand.”

By integrating Onfido’s AI-powered ID verification service, users are able to sign up by simply taking a photo of their government-issued identity document (ID) and selfie and uploading it through the app. This enables the customer to complete the entire onboarding process digitally, in just a few clicks. 

Notable new partnerships in APAC:

Singlife – as a digital life insurer, Singlife is focused on creating a better mobile-first experience for customers to manage, grow and protect their finances. While the COVID-19 pandemic has accelerated the need for mobile-first solutions, this rush to digital is made more complex with issues of fraud and security that plague mobile services. Singlife turned to Onfido because of its reputation of having the best-in-class in IDV technology. Onfido's technology provides streamlined identity verification to Singlife’s customers on the Singlife Account, its app-based life insurance savings plan.

“Singlife is always looking for ways to make our mobile financial products more intuitive, secure, and seamless for customers,” said Ned Lowe, CTO at Singlife. “Our partnership with Onfido is yet another step forward in our commitment to offering best-in-class technology for a better and more secure mobile-first experience.” 

hoolah - empowering consumers to buy now, pay later, while spending responsibly, Singapore-based hoolah partnered with Onfido to provide a better onboarding experience to its users across Asia when verifying identities on its app. hoolah provides a solution for both e-commerce and in-store merchants, helping to kickstart the retail sector even further, with the intent of returning all retailers to pre-pandemic numbers and beyond. 

"One of the things we strive for at hoolah is to provide our consumers an excellent and seamless user onboarding experience whilst maintaining speed and security, and Onfido has helped us deliver on that promise through this partnership," said Stuart Thornton, CEO and Co-founder of hoolah. "Building trust in the community is also imperative to both of our businesses, so we're very pleased to be able to leverage Onfido's world-class technology to achieve this." 

Instapay – is an e-wallet plus pre-paid Mastercard, that is especially designed to enhance payroll management, but also serves to promote financial inclusion of under-banked and unbanked employees. The leading Malaysian platform has partnered with Onfido to streamline its e-KYC process to help onboard customers to their e-wallet product. 

“Many of our customers work long shifts, and in remote locations. We want to give them the ability to complete their documentation process at their convenience and with minimum friction,” said Rajnish Kumar, Co-founder and CEO of Instapay. “We have partnered with Onfido, based on their proven track record of accurate identity verification and strong privacy policy. With this partnership, we are confident that our customers will enjoy a smoother and faster onboarding experience.”

Previous Article
The Economist Event Sponsored by Onfido: The accelerated shift to a contactless world
The Economist Event Sponsored by Onfido: The accelerated shift to a contactless world

A whole new (contactless) world: The rise of digital identity will host interactive panel discussions and k...

Next Article
Increased Use of Digital Accounts During COVID But New Customers Remain Concerned about Privacy and Security
Increased Use of Digital Accounts During COVID But New Customers Remain Concerned about Privacy and Security

Onfido survey shows spike in digital account usage but concerns about security and privacy remain paramount...