One of Guernsey's leading fintech businesses has gone independent following a management buyout led by the founder of the business.
The ID Register, developed in Guernsey, aims to become the central clearinghouse for KYC and investor onboarding as the financial services sector embraces the use of technology in this area, which it has generally been slow to adopt.
Built by Tim Andrews, initially as part of Guernsey-headquartered administrator Ipes, and then, following a takeover, as part of Apex Group, The ID Register has already grown to hold more than 25,000 investor profiles and 270 general partners registered.
Each investor controls their own information in a profile, which, once approved, they can connect to their investments and service providers like a "passport".
As a neutral hub, The ID Register will look to expand its base of alliance partners and clients, extend its regulated services, and invest heavily in support of its technology and operating model, all from its base in Guernsey, from where it aims to become "the trusted hub of the global investment community", seeking to standardise the investment journey.
Tim Andrews, Founder of The ID Register, said:
"A one-and-done subscription and KYC solution provides an obvious advantage for investors, fund managers and service providers alike, especially in a post-pandemic world where technology underpins great service and efficiency. We have a strong team and will now invest for growth as we increase the pace of our technology development, become regulated, and extend the depth and range of our services. I am grateful for the support of Peter Hughes and the wider Apex team and we are excited about our next stage of growth as an independent company."
Mr Andrews described the business as demonstrating the strength and innovation of Guernsey, within a strongly-regulated environment.
Apex Group intends to remain an "alliance partner" of The ID Register. The business was established in 2016 and currently employs some 20 developers and operational analysts.
For more information about Guernsey's finance industry please visit www.weareguernsey.com.
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