The average man ID8 2021 Product Explanation, page-68

I'm topping up

ID8 - identitii.com’s vision is to make Financial Crime a thing of the past. Simplifying financial crime compliance without replacing legacy technology. ID8 is an exciting award winning RegTech company.

• Won global FinTech and RegTech competition at Sibos (largest financial services conference in the world) Oct 2020
• Clear 5 year Growth Strategy (see image attached) and definition of success
• Solid leadership team backed by CBA (via x15 Ventures)
• Major Growth Potential as regulators continue to enforce action & risk appetite is decreasing
• Go to market strategy de-risked with ISO 27001 certification (Sept 2020)
• Big Players (CBA, HSBC, MasterCard) are on board
• Small MC of $22m, Low SOI of ~150m
• $5m Cash to drive Growth
• Revenues increasing
• T20 hold 34%
• 137th in Deloitte APAC Tech Fast 500

Financial Crime and Regulation:

• In 2020 Westpac were fined $1.3bn for Anti Money Laundering breaches and in 2018 CBA were similarly fined $700m
• Spending on regulation technology globally will surge from $33billion in 2020 to $130bn by 2025, as banks increasingly look to Artificial Intelligence (AI) solutions for onboarding and to meet Know Your Customer (KYC) requirements (https://www.grcworldforums.com/financial-crime/global-spending-on-regtech-will-nearly-quadruple-to-130billion-by-2025-report-finds/1268.article#.YHfx3qU31GI.linkedin)
• 2021 will see continued acceleration of digital transformation as financial institutions look to adapt to changing customer demands and new ways of working
• Infringements paid by banks globally in 2020 was $20bn (almost double from $12bn in 2019). Scutiny from regulators e.g. AUSTRAC is set to continue in the future. AUSTRAC have publicly stated they will take more enforcement action
• Financial Crimes and Compliance will continue to be a strong focus for corporations and their Boards as they strive to stay on the right side of the Regulators.

ID8 Opportunity:

• ID8 overlay multiple existing systems with a single platform, to bridge the growing gap between demand from regulators and customers, and capabilities of legacy technology. Big financial organisations have large legacy systems that require an overlay approach to bring them together and provide the visibility and transparency required.
• ID8 collects data from multiple different systems, creates a single view of all transaction information, facilitates missing information requests with other parties and then sends complete and accurate reports to the regulator

Success To Date

• HSBC renewed their contract for an additional 3 years (originally signed 2017) securing up to a further $2m. HSBC uses ID8 Tech to securely exchange information with their customers to simplify and automate flow of information in the receivables process. (https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02359817-2A1290455?access_token=83ff96335c2d45a094df02a206a39ff4)
• CBA (via x15 Ventures) have invested $1m into Payble (ID8 subsidiary) to help fix failed or late bill payments before they happen
• Mastercard using Identitii’s Overlay+