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Scaling New Heights with CyberBoost Catalyse Programme in Singapore

It’s been a busy few months at SQR. In October 2024, we proudly announced our selection as one of ten companies to join the prestigious CyberBoost Catalyse Programme.
Two women discussing at an event.

This initiative, powered by innovation leader Plexal, is supported by the Cyber Security Agency of Singapore (CSA), the National University of Singapore (NUS), and the CyberSG TIG Collaboration Centre.

The programme offers a unique opportunity for startups and scaleups like ours to accelerate growth and make a tangible impact by collaborating with global cybersecurity leaders. While in Singapore, SQR’s CEO Shelley Langan-Newton and Product and Operations Manager Rebecca Glassey managed to soak up the rich culture of Singapore by connecting and networking over laksa at hawker centres and toasted to collaboration at the British High Commissioner’s residence. It was also impossible to leave Singapore without admiring the ‘Gardens by the Bay’ spectacular light show with some of our fellow CyberBoost cohort.

Over the next few months, we plan to grab the opportunity of this collaboration to scale our solutions while staying true to our mission: making the world a safer place through secure, efficient, and inclusive identity verification.

A Strategic Match: Why Singapore?
Singapore offers a sophisticated cybersecurity and fintech ecosystem with robust government support and a thriving tech sector, making it the ideal environment for our next phase of growth. The country’s position as Asia’s leading smart city and the world’s most competitive economy provides an excellent foundation for our expansion.

Shelley Langan-Newton, explained: “We’re incredibly proud to be part of this prestigious programme and honoured to represent the UK and British Isles. At the heart of our mission is a commitment to building secure, efficient, and inclusive technology that empowers businesses and protects sensitive data. With Singapore’s forward-thinking approach and rich innovation ecosystem, joining this programme has positioned us to take our solutions to new markets. This has been an incredibly exciting opportunity, and we look forward to collaborating with the best and brightest minds to drive real change across the industry.”

SQR’s strategy aligns with Singapore’s position as a regional regulatory influencer and a springboard for ASEAN markets like Malaysia, Indonesia, Thailand, and Vietnam. Success here will not only validate our solutions in a competitive market but also act as a catalyst for broader regional and international expansion.

Showcasing at Singapore International Cyber Week
Further enhancing SQR’s presence on the global stage, Rebecca Glassey, represented SQR at Singapore International Cyber Week (SICW), where she showcased our cutting-edge digital identity verification and eKYC solutions.

SICW 2024, held from 14 to 17 October at the Sands Expo and Convention Centre, brought together global policymakers, industry leaders, and top academics to exchange best practices and strengthen international cooperation. The event focused on critical topics such as harnessing digital opportunities, tackling cyber challenges, and enhancing security in the Internet of Things (IoT) and Operational Technology (OT) space.

Reflecting on the experience, Rebecca shared: “Singapore International Cyber Week offered an invaluable opportunity to connect with global leaders and experts throughout the cybersecurity ecosystem. SQR was particularly proud to align with this year’s theme of ‘Trust and Security in the Digital Era.’ We’re committed to building innovative cybersecurity solutions that strengthen the international landscape, and it was fantastic to showcase the value that our reusable digital identity and eKYC services can deliver throughout the week. This event has marked a pivotal step in SQR’s expansion journey, and we look forward to continuing our critical work with both governments and the private sector to shape a safer, more secure digital future for all.”

A Cultural Perspective
Our participation in the CyberBoost Catalyse Programme and SICW has provided invaluable insights into the ASEAN market’s unique cultural and business landscape. We’ve learned that trust and relationship-building are paramount in this region, and we’re glad our approach is aligned with these values. Our solution’s focus on secure, efficient and inclusive identity verification resonates strongly with the region’s emphasis on digital trust and cybersecurity.

As we look to offer services in this market, we’ll look to tailor our solutions to accommodate address check capabilities where we can across ASEAN countries, ensuring our technology is practically effective for driving efficiencies.

Looking Ahead
At SQR, we are driven by innovation and collaboration and ready to leverage the opportunities in Singapore to scale our impact globally. Currently trusted by the Isle of Man and UK governments, we are committed to shaping a safer, more secure digital future by adapting our products to meet the needs of the APAC region.

Over the last three months the CyberBoost Catalyse Programme has provided us with essential support in building overseas networks and developing go-to-market strategies for new geographic locations. This support, combined with our participation in events like SICW, positions us strongly to make significant strides in the ASEAN cybersecurity market.

As we continue this transformative journey, we invite you to explore how our innovative identity verification solutions can benefit your organisation. Whether you’re a government agency looking to enhance citizen services, or a private sector company aiming to streamline your KYC or employee onboarding processes, SQR is here to help you navigate the complex world of identity verification with confidence and security.

Stay tuned for updates as we continue to grow and innovate in this exciting new chapter of SQR’s story.

In this case study, we explore how digital identity verification can successfully address key challenges, demonstrating its impact in transforming public sector processes.

Solving Public Sector Pain Points: 

The need for independent validation of corporate ownership data has never been more pressing. As countries around the world intensify efforts to combat money laundering, tax evasion and financial crimes, understanding Ultimate Beneficial Ownership (UBO) has become a key global priority. Findings by the International Financial Accountability, Transparency and Integrity (FACTI Panel) estimates;

  • $500 billion losses to governments each year from profit-shifting enterprises;
  • $7 trillion in private wealth hidden in haven countries, with 10% of world GDP held offshore;
  • Money laundering of around $1.6 trillion per year, or 2.7% of global GDP.

One of the most effective tools in this battle is the beneficial ownership registry, but ensuring the accuracy and integrity of the information held within often presents a challenge. Certified digital identity solutions could provide the answer. 

What is a Beneficial Ownership Registry?

A beneficial ownership registry is a database that records the individuals who have significant control over, or who stand to benefit from, a legal entity such as a company or trust. The goal is to bring transparency to the ownership structure of companies, making it harder for criminals to hide behind complex corporate arrangements.

According to the Financial Action Task Force (FATF), the global authority on anti-money laundering and combating the financing of terrorism, a UBO is “the natural person(s) who ultimately owns or controls a customer or the natural person on whose behalf a transaction is being conducted.” This definition extends to those who exercise ultimate control over a legal entity, typically individuals who directly or indirectly own more than 25% of a company’s shares or voting rights.

The Challenges of UBO Disclosure

Identifying UBOs is not always straightforward. Ownership can be deliberately obscured through layered holding structures, spread across multiple jurisdictions with differing disclosure rules. This creates a significant challenge for authorities and regulators trying to track the real beneficiaries of a company. The International Monetary Fund (IMF) emphasised this critical risk in their 2022 whitepaper ‘A guide to Beneficial Ownership Transparency’, noting that countries should have mechanisms to ensure the accuracy of the data submitted.

FATF defines accuracy in the context of beneficial ownership information as having been “verified to confirm its accuracy by checking the identity and status of the beneficial owner using reliable, independently sourced or obtained documents, data, or information.” Given the complexities involved, independent validation of beneficial ownership data is critical. Without robust mechanisms, beneficial ownership registries run the risk of being inaccurate or incomplete, which leaves the system vulnerable to financial crime.

A Leading Example

One country that has made significant strides in beneficial ownership verification is Denmark. The Danish system integrates digital identity tools such as ‘MitID’ – a government-issued digital ID – with its beneficial ownership registry. MitID connects to an individual’s civil registration number, as well as their address in the Danish Address Register, enabling authorities to automatically cross-check all of the information submitted against trusted databases. This reduces the risk of both unintentional errors and fraud, ensuring a higher level of data accuracy.

However, while Denmark’s approach provides a model initiative in respect of the country’s resident beneficial owners, it does have limitations. Non-residents are ineligible for a MitID, necessitating an additional identity verification process for this group of beneficial owners. This adds complexity and relies on more traditional, less streamlined methods. 

Fostering an Inclusive Cross-Border Approach

Countries and jurisdictions without government-issued digital identity systems, or with foreign national UBOs, are increasingly turning to private sector digital identity solutions to validate their data. It is crucial however, that only digital identity providers certified to a recognised government standard – such as DIATF in the UK or eIDAS in the EU – are onboarded. This ensures that the verification process meets stringent regulatory and security benchmarks, providing a high level of trust and reliability. Find out how SQR’s certified digital identity solution is being leveraged in this way here.

This type of collaboration between public and private sectors fosters the creation of innovative, tailored solutions that meet the unique needs of each jurisdiction while also leveraging the advantages of reusability. For instance, individuals with a certified digital identity from an approved provider can seamlessly share their pre-verified identity information with the relevant authorities. This approach not only streamlines the verification process but also ensures adherence to stringent government standards, significantly mitigating the risk of fraud and enhancing the integrity of beneficial ownership data.

The Future of UBO Verification

Countries and jurisdictions without government-issued digital identity systems, or with foreign national UBOs, are increasingly turning to private sector digital identity solutions to validate their data. It is crucial however, that only digital identity providers certified to a recognised government standard – such as DIATF in the UK or eIDAS in the EU – are onboarded. This ensures that the verification process meets stringent regulatory and security benchmarks, providing a high level of trust and reliability. Find out how SQR’s certified digital identity solution is being leveraged in this way here.

The use of independent digital identity systems represents a crucial step forward in improving the accuracy and security of beneficial ownership databases. By fostering collaboration between governments and the private sector, countries can implement innovative, scalable solutions that address the growing demands of the global regulatory environment. Ultimately, these advances will empower authorities to better tackle financial crime, increase public trust, and enhance the integrity of beneficial ownership data worldwide.

A secure, efficient and inclusive digital identity system offers a wide range of benefits. By adopting certified digital identity solutions, governments and organisations can streamline operations, build public trust, and create a more secure and transparent digital ecosystem. 

The benefits of secure, efficient and inclusive digital identity

A certified digital identity solution provides a reliable and verifiable source of information, minimising errors often associated with manual verification processes. This is particularly crucial for company beneficial ownership data, where accuracy is paramount to ensure transparency and accountability. By verifying the legitimacy of ownership, digital identity systems ensure that only authorised individuals can access sensitive information or claim beneficial ownership. This significantly reduces fraudulent activity, protecting both individuals and organisations.

Governments around the world face stringent regulatory requirements for transparency, anti-money laundering (AML) and combating the financing of terrorism (CFT). Certified digital verification identity solutions also help meet regulatory obligations, by providing a secure and trusted method for verifying beneficial owners. Automating and standardising the identity verification process further ensures that organisations are compliant with complex regulations, whilst also reducing the risk of non-compliance penalties.

Managing large datasets manually is time-consuming and prone to errors. Thus, automating and streamlining data management and digital identity verification processes reduces administrative burdens and improves operational efficiency. This more accurate processing of ownership and identity data, in turn leads to better decision-making and resource allocation for governments and businesses. With a certified digital identity system, sensitive data related to ownership is better protected against breaches, thanks to robust encryption and authentication processes. These enhanced security measures ensure that sensitive information remains protected, and helps to maintain the integrity of ownership records.

In an increasingly interconnected world, the ability to verify identities across borders is essential for multinational organisations and cross-border transactions. Certified digital identity solutions have the ability to integrate with international databases, ensuring consistency and reliability in identity verification on a global scale. It further plays a key role in enhancing global interoperability, as they enable integration with international databases. This is crucial for verifying identities consistently across borders, supporting multinational entities and cross-border transactions.

Additionally, governments that utilise certified digital identity verification systems can strengthen public confidence by demonstrating their commitment to transparency and safeguarding ownership data integrity. Furthermore, collaboration between governments and certified identity verification service providers fosters innovation. By partnering with cybertech firms, governments leverage advanced technology to develop scalable, compliant, and secure solutions for managing beneficial ownership databases.

This synergy benefits both parties, allowing governments to implement modern solutions while enabling tech firms to design systems aligned with regulatory needs.

Rebecca Glassey, Product & Operations Manager at SQR:

“Certified digital identity solutions are the cornerstone of secure, accurate data management in the modern era. By collaborating closely with government entities, we ensure that our technology not only meets the highest regulatory standards but also delivers the scalability and security that public systems demand. It’s all about providing a seamless and trusted verification process, while reducing the risk of fraud and errors in critical government datasets like beneficial ownership registers.”

Steven Webster, Head of Strategic Partnerships at SQR:

“Our work with government agencies highlights the immense value of public-private collaboration in tackling complex challenges such as identity verification. By partnering with certified Identity Service Providers, governments can adopt cutting-edge technology that ensures transparency and security in managing beneficial ownership data. This level of cooperation fosters innovation and enables both parties to create solutions that are not only efficient but also adaptable to the evolving regulatory landscape.”

For more details on how SQR’s certified digital identity solution is being implemented in collaboration with governments, refer to this SQR article.

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