Malaysian AI Tech company Innov8tif Solutions Sdn Bhd (Innov8tif) is proud to be featured amongst the list of The Financial Times’ High-Growth Companies Asia-Pacific 2022, compiled by research firm Statista.
Innov8tif specialises in ID assurance solutions, which includes electronic know-your-customer (eKYC), document verification and other authentication services.
This recognition is due to the company's consistent organic revenue growth since 2017, achieving a compound annual growth rate (CAGR) of 48%. Innov8tif first launched its eKYC solution on the cloud in 2018 which garnered about 100 thousand transactions within its first year. The company saw close to 1 million transactions being processed the following year, representing a 10x increase. Total transaction volume has since steadily risen in the triple digits to this day.
“Much of Malaysian entrepreneurial successes comes from consumer-facing companies, such as Carsome, DoctorOnCall, PolicyStreet and more,“ says Innov8tif Chief Commercial Officer Joe Seah.
“However, we believe that there is untapped potential within the B2B space, considering our multilingual capacity, bright talents and ability to deliver quality services.There is much optimism to look forward to in the following years. The demand for verification services is not slowing down anytime soon, especially at a time when companies are still in the process of digitalisation.“
According to Seah, Innov8tif plans to build on top of this momentum to increase its presence within the ASEAN region. The company is also in the midst of expanding its service offerings, establishing more partnerships, and making its existing solutions more accessible and easier to implement for existing and new clients.
ID Assurance — A Growing Market
The demand for ID assurance solution is intensifying for several reasons:
Digital Onboarding
Physical channels have hit a roadblock since the pandemic. A 2021 Visa survey found that 43% of Malaysians no longer visit bank branches, preferring online channels instead.
ID assurance solutions help companies onboard new customers easily and safely, taking advantage of the high internet and mobile penetration rates in both urban and rural communities. Digital onboarding also removes many manual verification processes, helping companies save cost, increase conversion rates and improve customer satisfaction due to shorter waiting times.
Regulation
With years of the digital revolution behind us, eKYC is now a regulatory requirement for many industries around the world. This is especially true for sectors that rely heavily on authenticated accounts, such as banking, finance and telecommunication.
ID assurance solutions help companies combat duplicated or fraudulent accounts, which is increasingly prevalent alongside the rise of new digital channels. Beyond regulatory compliance, it also helps companies ensure the fidelity of their user base, which benefits cost optimisation, marketing efforts and company strategic planning.
Identity Fraud
Compromised personal information is leaked out onto the dark web on a daily basis at an increasing rate. A 2021 FICO survey revealed that 7% of Malaysians identify as victims of identity frauds with their information being used to open up accounts.
Fraudulent bank accounts and telephone numbers serve as the bedrock for cybercriminal activities, such as phishing scams and ransomware, allowing them to operate under a guise and evade detection.
ID assurance plays an essential role in reducing the identity fraud cases by verifying the user’s identity upon registration, ensuring that the registration process cannot be spoofed, bypassed or faked.
For more information about Innov8tif’s ID Assurance Solutions, please visit our webpage.
This content is provided by Innov8tif Solutions Sdn Bhd.
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