Explaining KYC, and why fintech startups need to know more about it

Inevitably, with an increased pickup of fintech comes the need to monitor and keep new players accountable, reports Tech In Asia

Just a few years ago, businesses could have set up shop easily in Singapore. Income from illegal activities could then be redirected into legitimate assets or businesses, hiding its dirty roots.

But not anymore – businesses now need to undergo due diligence checks, such as declaring funding sources. There have been stricter regulations, which led to the increased importance of know-your-customer (KYC) processes for businesses.

Inevitably, with an increased pickup of fintech comes the need to monitor and keep new players accountable.

There’s no doubt about it, financial technology – aka fintech – is rapidly gaining acceptance. In particular, the ASEAN region has