Fintech startup DocFox has partnered with global law firm, Norton Rose Fulbright, to provide a digital solution to help companies simplify the FICA compliance process.
“DocFox is an easy-to-use web application that helps customers submit their FICA documents electronically in a just a few taps. Customers can upload copies of their proof of identity and address documents, or submit documents using their smartphone camera,” says DocFox CEO and cofounder, Ryan Canin.
Legislation prescribes that in non-face-to-face interactions, companies must take ‘reasonable steps’ to verify a client’s identity. Certified copies of documents, while commonly used, do not provide concrete proof of authenticity.
DocFox offers a higher level of authentication than current paper-based solutions. It conducts various fraud checks using the latest technology to ensure document authenticity and compliance. The tool also simplifies and speeds up the entire process. In addition, all communications with clients can be white-labelled by the institution.
DocFox is now exclusively available to the South African market, with plans to expand internationally via its US investor network and Norton Rose Fulbright’s global presence across Africa, Europe, the United States, Canada, Latin America, Asia, Australia, the Middle East and Central Asia.
Marelise van der Westhuizen, Director, Norton Rose Fulbright, says, “Our firm advises many of the world’s leading banks, asset managers, financial investors and insurers and consequently has detailed country-specific regulatory knowledge. We have worked with DocFox to codify FICA legislation into intelligent decision engines which assess what is required for every application in a simple, secure and compliant way. We are also closely monitoring know-your-client trends in compliance internationally.”
Various companies have already signed up to the ‘Know Your Client’ tool. David Lloyd, MD, Liberty Innovate, says, “Our experience with DocFox has been brilliant and helps fulfil our aim of taking FICA from being a pain into a pleasure. Our compliance teams are also satisfied with the solution. DocFox presents an exceptional experience and our policyholders and financial advisers have been impressed with its simplicity and ease of use.”
DocFox’s seed round of investment was oversubscribed, which gives the business everything it needs to grow and further refine the product offering. Canin attracted investment interest from Silicon Valley and South Africa.
DocFox is a gold member of AlphaCode, a Rand Merchant Investments (RMI) club for fintech startup entrepreneurs. Dominique Collett, RMI’s senior investment executive and head of AlphaCode explains, “The regulatory landscape is becoming an exciting space to be playing in. Consequently regtech startups are starting to revolutionise the financial services industry. DocFox has found a way to address a very real problem that all financial institutions face daily while adding tremendous value and removing a real pain point. The partnership with Norton Rose Fulbright makes this startup even more attractive – the backing of a global law firm which has vetted processes gives potential clients peace of mind and DocFox instant credibility.”
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Street art goes electric
Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.
The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.
The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.
D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.
D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.
“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”
As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.
Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”
Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”