Standard Chartered Hong Kong and Know Your Customer Limited have announced a new collaboration aimed at improving real-time know-your-customer (KYC) verifications through the Commercial Data Interchange (CDI), a platform developed by the Hong Kong Monetary Authority (HKMA).

The initiative is expected to enhance the efficiency, speed, and security of SME account opening and KYC processes.

Through this partnership, Standard Chartered Hong Kong will integrate Know Your Customer’s technology to automate company search data retrieval via CDI’s application programming interface (API).

The system also facilitates the identification of ultimate beneficial ownership (UBO) structures, contributing to more accurate risk assessments.

By consolidating and automating data collection processes, the bank aims to streamline SME onboarding, reduce turnaround times, and improve operational efficiency.

Stephen Man, Head of Wealth Management and Retail Banking at Standard Chartered Hong Kong, said:

“By automating KYC via Know Your Customer, we’re speeding up SME account opening and enabling non-face-to-face account applications anytime, anywhere. By leveraging alternative data through CDI and pursuing opportunities to collaborate with data partners, we can offer SMEs tailored loan solutions, helping them to enhance their operational efficiency and facilitate growth. This also contributes to the development of Hong Kong’s digital economy.”

Claus Christensen, CEO and Co-Founder of Know Your Customer, added:

“Through real-time registry integrations and intelligent automation, we are helping to make financial access faster, safer, and more inclusive. I’m proud that our technology plays a part in empowering future entrepreneurs and excited to collaborate with Standard Chartered Hong Kong to support the HKMA’s digitalisation agenda.”

Featured image credit: Standard Chartered Hong Kong