Friday, December 31, 2021
Friday, December 17, 2021
A message from our CEO, George Lee
Although 2020 was the year of coronavirus, this year is when companies are truly tested beyond their limits. Not every industry can withstand the onslaught of the pandemic lockdowns, but we are fortunate to be part of the good tail end of the K-shaped economic recovery.
A 2021 report by Facts and Factors shows that the global eKYC market is growing at a compound annual growth rate (CAGR) of 22%. Innov8tif is experiencing growth several times larger than that — thanks to our solid team of engineers and product makers, with some elements of luck involved.
As the dust settles, investors and clients have become accustomed to the pandemic cycles and are now looking towards the future. Here are three key trends we have observed, which will shape the industry moving forward:
1 — Staying ahead of cybercriminals
The pandemic also saw a boom in cybercriminal activities. Cybersecurity Malaysia reported 31 incidents happening in Malaysia every single day, from fraud, to hacking and data breaches.
Innov8tif's solutions are built to combat some of these issues, but we have also taken steps to protect ourselves from such threats as well. In addition to obtaining our ISO certification in January, our internal tech teams have formulated detailed policies on how sensitive data is being handled and stored.
We will not dive deep into our cybersecurity policies here, but our clients can rest assured that we are paying attention to movements within these criminal groups, and are actively partnering with other cybersecurity firms to ensure the safety of our client's data.
We foresee the race against fraudsters intensifying moving forward. As eKYC product builders, we are constantly ahead in finding loopholes on how fraudsters can bypass our verification checks, whilst also patching up any bugs found within our internal systems.
2 — Thinking and growing regionally
Identity assurance is not just a local need, but an issue that companies all around the world are trying to address. It plays a crucial role in many processes, such as real-time payments, customer onboarding, protecting supply chains, and even enabling digital banks to exist.
The current demand for our product is already overwhelming, but we are primed to capture any future demand that may arise. Thailand, Philippines, Cambodia, Indonesia and Singapore; These are some of the areas that we have penetrated in 2021, and we have no plans on slowing down.
To enable Innov8tif to grow at such a rapid rate, we are also in the midst of reviewing and refining our internal processes.
It is a huge hurdle for us, but it is best to have an early start. This luxury will soon turn into a necessity, because we have almost doubled our employee headcount in just a year. To enable our company to grow regionally, we need to set processes that enable our valuable team members to think and operate on the same scale.
3 — Rising competition within this space
As a B2B growth company, sales cycles are long, and there are plenty of opportunities for competitors to insert themselves into the marketplace. The demand for ID verification has increased, but so does the effort and resources needed to capture it.
Within just a year, we have seen several new faces within the industry — be it freshly founded startups, sudden acquisitions or institutions launching new product lines. We have time-in-the-market and product maturity on our side, but their entrance into the market is being noted.
Like us, even lucky companies within booming industries have their own sets of challenges. Fortunately, we have plans to address these issues as well. We are not just going to put up a fighting chance, but are confident in becoming the world's leader within the identity assurance space! This is due to the core foundation we have tirelessly built across the years:
Wednesday, December 15, 2021
Metaverse - a new phase of interconnected virtual experiences using technologies like virtual and augmented reality. At its heart is the idea that by creating a greater sense of “virtual presence”, interacting online can become much closer to the experience of interacting in person. Imagine users having their own virtual avatars in the metaverse which are analogous to their physical self, allowing them to enjoy an alternate life in a virtual world.
Content creators can engage with digital creations that are linked to physical counterparts. A large ecosystem that includes culture, business, social norms, and laws and regulations (such as data ownership), can support these digital creations — which are supplemented by protective and additional measures including biometric security and even business-related tools that enhance digital experiences such as digital customer onboarding.
Artificial Intelligence will be used to enable, populate, and sustain the metaverse (AI). It will power the metaverse's seven technology layers, including spatial computing, scaffolding for creators, and new and sophisticated kinds of narrative. Few people appreciate how swiftly artificial intelligence is developing. Before the formation of these innovative neural networks, AI had already made significant progress: voice recognition in Alexa, machine vision (such as that used in Tesla's autonomous driving systems or Google image recognition), and algorithms that appear to surface things on social media that elicit reactions from us.
Indeed, it is thought that it might be to Virtual Reality (VR) what the present smartphone is to the 1980s' cumbersome mobile phones.