A New Chapter in Singapore
iCOVER Group, a prominent player in the background screening industry, has proudly announced its new venture in the Asia-Pacific region. This significant step involves the establishment of a crucial office in Singapore, located at 5 SHENTON WAY #22-04 UIC BUILDING SINGAPORE (068808). This move is not just a physical expansion but a strategic one, aiming to tap into the vast potential of the Asia-Pacific market. The Accounting & Corporate Regulatory Authority confirms the incorporation of ICOVER ASIA PTE.LTD., marking the company’s commitment to developing regional data access and commercial relationships.
Vietnam: The Next Frontier
Furthering their expansion strategy, iCOVER Group is also setting up an additional office in Ho Chi Minh, Vietnam. This office will focus on processing operations and enhancing sourcing capabilities, underscoring the company’s dedication to strengthening its presence in Asia.
Local Solutions for Global Challenges
In today’s industry, the demand for integrated global-local services is paramount. iCOVER Group recognizes this need and is investing heavily in offering solutions that pair global strategies with local execution. James Osborn, CEO of iCOVER Group, emphasized, “We are really excited to chart and deliver another phase in our business story by ensuring that our existing clients and future clients have the best possible background screening, risk & compliance solutions available in any region in the world. We know that means local relationships , networks, services and solutions and we are committed to supplying this for better customer experiences as our journey now takes us to the Asian region. Our Risk & Compliance division, Square Facts complements perfectly our strong offering with Third Party Due Diligence solutions, to ensure there is a joined up approach and we can’t wait to start helping clients with even more integrated and tailored solutions.”
Also read: Revolutionizing Digital Storytelling: SMU Undergraduates Harness AI for Singtel’s Digital Inclusion Initiative
Market Potential: A Lucrative Future
The Asia Background Screening market is projected to reach an impressive $2.2 billion by 2028, growing at an estimated rate of 12.4% from 2023. The Risk & Compliance sector is also expected to witness substantial growth, potentially reaching $15 billion by 2028. This growth trajectory positions iCOVER Group in a market brimming with opportunities.
Diverse Industries, Diverse Opportunities
The demand for employment screening services is on the rise in Asia, especially in sectors like IT & Telecom, BFSI, government, travel & hospitality, manufacturing, retail, healthcare, and more. The IT & Telecom segment, in particular, held the largest market share in 2023, signaling a diverse range of opportunities for iCOVER Group.
Technological Advancements and Industry Leadership
iCOVER Group is not just expanding geographically but also technologically. With an investment of over 5 million euros in IT infrastructure and the integration of advanced APIs, the company is set to streamline its processes. The group’s commitment to leadership in the industry is further demonstrated by Alice Quinones, General Counsel of iCOVER Group, taking the role of Chair of the PBSA’s Europe Council. The company’s USA market is also strengthening with the addition of industry veterans Bon Idziak and Joan Grondin.
Strengthened by Strategic Partnerships
The company’s growth is bolstered by a significant investment from BNP Paribas, a major financial sector player. This partnership not only enhances iCOVER Group’s financial stability but also its position as a compliance specialist, paving the way for future expansions like this venture into the Asian market.
Meet the Experts
Interested parties can meet the iCOVER Group team at the upcoming PBSA Singapore event, PBSA APAC AGM, scheduled from November 30 to December 1st, 2023.
This strategic move by iCOVER Group marks a significant milestone in the background screening industry in Asia, promising innovative solutions and a stronger presence in this dynamically evolving market.
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