Standard Chartered’s innovation, fintech investment and ventures arm SC Ventures announced that it has invested funds in Chekk, a Hong Kong-based KYC, KYB and data management platform.  Details of the investment was not disclosed.

SC Ventures joins Chekk’s multi-million dollar financing round announced in June this year, led by HSBC and with participation of venture capital firm SOSV.

Through this investment, SC Ventures aims to accelerate the company’s product development and boost its sales organisation.

SC Ventures said that this would help meet the increasing demand of the global identity verification market for individuals and corporates that is anticipated to be worth US$17 billion by 2026.

Alex Manson, Head of SC Ventures said,

“Chekk is already an established partner for SC Ventures, as our go-to KYC/KYB provider for a number of ventures we have incubated. While several companies claim to optimize customer on-boarding in banking, none comes close to Chekk, with real-time data collection delivering a digital advantage across multiple stakeholders. We are thrilled to partner with this great team, including with our most recent investment, to be addressing a real gap in our industry.”

Pascal Nizri, Co-founder and CEO of Chekk said,

“Chekk has a unique proposition, taking KYB and KYC to another level of capabilities and customer experience, which resonates very well with various parts of Standard Chartered Bank and its partners. Beyond already being our client, we are delighted to welcome Standard Chartered as investors, to support the expansion of our product suite, teams and client base globally.”