ComplyAdvantage, the RegTech company that uses machine learning to offset the likelihood of financial crimes occurring at financial institutions, has made its first foray into the Asia-Pacific region, having already opened offices in the United Kingdom, the United States and Romania.

ComplyAdvantage’s presence in Singapore will make it easier to serve its clientèle in Asia. Singapore is a vital market for the firm because it is a major financial hub and because numerous multi-national companies are situated there and want to expand.

ComplyAdvantage’s Head of Asia Pacific, Jaede Tan, will manage the office. He has more than a decade of experience of developing commercial relationships in the investment and technology sectors in Asia, Europe and the Middle East. It is his job to make ComplyAdvantage grow in the region and to oversee its day-to-day operations.

The company is growing apace. In January it raised US$30 million in a successful Series B funding round led by Index Ventures and joined by Balderton Capital. The money helped to extend the reach of ComplyAdvantage’s machine-learning platform across the globe and funded the opening of new offices in London and New York in August. Since July last year, the company has grown in Annual Recurring Revenue (ARR) by 300% and has more than doubled its headcount. It believes itself to be one of the fastest-growing FinTech companies in the world today, with 400 customers in 45 countries.

The firm expects approximately 60% of Asia Pacific’s GDP to be derived from digital products or services by 2021. With more and more business taking place online, it reasons, the future ought to look bright for any competent company that can ensure that the necessary transactions are "anchored in trust."

The software identifies tens of thousands of "risk events" every day by analysing millions of structured and unstructured data points and using artificial intelligence to help financial institutions obey their national anti-money-laundering (AML) and terrorist financing rules.

The firm believes that 67% of Singaporeans, 87% of Chinese and 87% of Indians (presumably adults only) using financial technology products, all in excess of the average global adoption rate of 64%. Singapore's figure has apparently increased nearly threefold in the last two years, starting at 23% in 2017.

ComplyAdvantage was founded in 2014. It now has a headcount of 200+ and is looking forward to increasing that to 300 by the end of the year.