South Africa’s 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 a sophisticated yet 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 is a gold member of AlphaCode, a Rand Merchant Investments (RMI) club for fintech startup entrepreneurs.
