Regtech company Know Your Customer has partnered with Joint Electronic Teller Services Limited (JETCO), a bank consortium, to give Hong Kong financial institutions faster access to official company data.

This will help banks to streamline their know-your-customer (KYC) and know-your-business (KYB) processes, which are used to verify the identity and background of customers and businesses.

The partnership will allow Know Your Customer’s clients to use JETCO’s Commercial Data Interchange (CDI) Portal to request and access data from the Hong Kong Companies Registry and Inland Revenue Department in real time.

Know Your Customer’s platform provides live access to company registries in over 130 countries, and it is already being used by seven banks in Hong Kong.

Claus Christensen, CEO of Know Your Customer said,

“As an organisation, we are committed to the mission of financial inclusion for SME customers in Hong Kong. Through this new partnership with JETCO, banks will be able to deploy our live registry connector via a single API in a matter of weeks, thus accelerating business verification and SME onboarding for multiple use cases, from bank account opening to loan approvals and supply chain management.”

Yvonne Che, CEO of JETCO said,

“Through the partnership with Know Your Customer, JETCO extends its offering on JETCO CDI Portal solution further by presenting valuable commercial data from Know Your Customer so that banks can access to official company documents and shareholder data of SME and corporate customers in a much simpler and effective way.”