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SUCCESS CASE
How a RegTech Company Secured S$178K for Global Platform Expansion
RIC helped a Singapore-headquartered RegTech company secure EDG support for a next-generation compliance intelligence platform built for global rollout.
CATEGORY
R&D and Innovation
CLIENT TYPE
RegTech / digital identity platform
GRANT TYPE
Enterprise Development Grant support
FUNDING SECURED
Above S$178,000
About the Client and Project
Client Profile
The client is a Singapore-headquartered RegTech company operating a proprietary digital identity platform used across Asia-Pacific, Europe, and North America. Its platform supports KYB, KYC, and UBO verification for financial institutions, payment platforms, and e-commerce companies. The company serves clients across more than 15 countries, accesses 334 million company records, processes over 2.9 million verification transactions annually, and has received recognition including the Global FinTech Award, RegTech100 inclusion, and IMDA SPARK Accreditation.
Project Nature
The project involved developing a next-generation global platform for compliance intelligence. The new platform was designed to support global rollout, beginning with Europe and later expansion into the US, UAE, and Africa. It also aimed to open access to e-commerce merchant segments through blockchain-enabled onboarding technology. The project strengthened the client’s multilingual KYB, KYC, and cross-border UBO analytics capabilities, turning its existing RegTech foundation into a more scalable and internationally deployable compliance platform.
Funding Objective and Challenge
Funding Objective
The funding objective was to support the client’s Enterprise Development Grant project under the Innovation & Productivity, New Product Development category. The grant supported qualifying costs for the development of a next-generation digital identity and compliance intelligence platform, including technical development, system architecture, manpower, vendor support, and project implementation. The funding helped the client build new platform capabilities for international expansion while supporting Singapore-based product and development roles.
The Challenge
The client was building a deeply technical digital identity and compliance intelligence platform for global markets. The project had to be framed beyond ordinary software development because it involved KYB, KYC, UBO verification, multilingual compliance workflows, blockchain-enabled onboarding, and cross-border market expansion. The application needed to show clear technical novelty, commercial relevance, manpower planning, vendor rationale, financial impact, and Singapore-based value creation. The challenge was translating a complex RegTech product roadmap into a coherent EDG New Product Development case that evaluators could assess confidently.
How RIC Supported the Client
RIC supported the client across the EDG application, project structuring, and grant development process.
RIC’s support included:
• Scoping the next-generation compliance intelligence platform as a New Product Development project.
• Documenting the system architecture, technology stack, and technical development scope.
• Structuring the grant narrative around global platform expansion, compliance intelligence, and product differentiation.
• Preparing financial impact analysis, including projected revenue growth and Singapore-based job creation.
• Reviewing vendor evaluation and manpower costing in line with the client’s global rollout plans.
• Managing the full submission through Singapore’s Business Grants Portal.
• Supporting milestone planning, audit preparation, and claim preparation.
RIC’s role was to connect the technical buildout, commercial expansion plan, and funding requirements into a grant-ready business case.
Outcome
FUNDING SECURED
Above S$178,000
The client secured S$178,200 in EDG funding, covering up to 70% of qualifying costs. The project supported development of a new global digital identity platform, starting with Europe and expandable to the US, UAE, and Africa. The project also supported entry into new customer segments, blockchain-enabled onboarding, Singapore-based hiring, and projected revenue growth from S$525,000 to over S$7.5 million by 2027.
What This Means for Similar Companies
For RegTech, FinTech, and deep-tech companies, this case shows that strong product ambition is not enough. A fundable R&D or product development project needs a clear technical scope, defensible commercial strategy, credible manpower plan, and strong economic impact narrative. This is especially important when the project is aimed at global expansion. Companies with proprietary platforms should be able to explain not only what they are building, but why the development is technically meaningful, commercially scalable, and anchored in Singapore-based capability building.
