Startup Plans to Upend South Africa’s Freelance Market

South Africa's gig economy, which is made up of freelance, short-term, and on-demand work, is growing. Since the lockdown was imposed at the end of...

Latest Posts

How to Grab Your Piece of the Market Share

How to grab your piece of the market share “Start-ups and SMEs are continually battling to snatch a piece of the market share.” This has...

SA Government Works To Procure Additional Power Generation

President Cyril Ramaphosa says the government has gazetted ministerial determinations that will enable the development of more than 11 800 megawatts (MW) of additional...

What Are The Different Types Of Proximity Sensors?

A proximity sensor is a device that is used to detect an object’s presence without the need for physical intervention or contact. This is...

Channel VAS is Firing on All Cylinders

Channel VAS is the premium FinTech provider of mobile financial services, airtime credit & airtime advance services, handset loans and big data analytics, all...

SA’s fintech startup DocFox partners with global law firm to reduce FICA on-boarding to seconds

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.

 

Latest Posts

How to Grab Your Piece of the Market Share

How to grab your piece of the market share “Start-ups and SMEs are continually battling to snatch a piece of the market share.” This has...

SA Government Works To Procure Additional Power Generation

President Cyril Ramaphosa says the government has gazetted ministerial determinations that will enable the development of more than 11 800 megawatts (MW) of additional...

What Are The Different Types Of Proximity Sensors?

A proximity sensor is a device that is used to detect an object’s presence without the need for physical intervention or contact. This is...

Channel VAS is Firing on All Cylinders

Channel VAS is the premium FinTech provider of mobile financial services, airtime credit & airtime advance services, handset loans and big data analytics, all...

Don't Miss

Discovery Bank Signs Up 45 916 New Customers in 2020

Discovery Bank announced on Wednesday that the number of new clients was 45 916 as of 30 June 2020 versus 197 in 2019, with...

5 Lead Generation Strategies for Real Estate Agents during COVID-19

The coronavirus pandemic has severely affected global economies. Many businesses are opting for different tactics to create new opportunities and expand their client base...

Ramaphosa May Announce A Plan To Reboot SA’s Economy

President Cyril Ramaphosa will today chair two virtual meetings that will deliberate on the country’s response to the Coronavirus pandemic and the economic recovery...

Creating a Connected, Digital Society For All

Digital technologies have changed the way people live, work and interact. Currently, South Africa has embarked on a digitalisation journey which aims to see...

COVID-19 Delays TymeBank’s Partnership With ZCC

TymeBank, a digital bank that is owned by billionaire Patrice Motsepe, announced on Tuesday that its partnership with the Zion Christian Church (ZCC) has...

Stay in touch

To be updated with all the latest news, offers and special announcements.