London-headquartered regtech ComplyAdvantage has increased its presence in the Asia Pacific market with the opening of a new office in Singapore, as part of the firm’s global expansion plans, according to an official statement.
Founded in 2014, ComplyAdvantage claims to use artificial intelligence and machine learning to help firms meet anti-money laundering requirements and counter-financing of terrorism compliance obligations at a reduced cost.
The firm raised USD 30 million in its Series B round led by Index Ventures and joined by Balderton Capital in January this year. The money was used to fund its global expansion. ComplyAdvantage opened new offices in London and New York in August.
The company’s new office in Singapore will be open from today and headed by Jaede Tan. On top of overseeing the daily operations, Tan’s primarily responsibility is to drive the company’s growth across Asia Pacific. ComplyAdvantage did not reveal its expansion plan for the region.
Existing clients of the firm in the city-state are Singapore Life, Quoine, Munich Re, Metlife, Big Pay, and AirWallex.
As a financial hub, Singapore is exposed to high risks of financial crimes such as money laundering and terrorism financing, which makes it a key market for regtech companies.