D3 Labs Enhancing the Financial Sector with KYC and Cross-Border Payment Innovations, Presented at BCA SYNRGY Accelerator Program 2023
Published 3 months ago on November 24, 2023
by Rina Kurniawan
Jakarta, November 23, 2023 – D3 Labs, a participant in the esteemed BCA SYNRGY Accelerator Program, has seized the spotlight at the SYNRGY Accelerator 2023 Demo Day with the introduction of SeaSeed, a groundbreaking financial innovation. This event marks a pivotal moment in D3 Labs’ mission to reshape the global banking landscape and facilitate seamless cross-border financial transactions.
BCA SYNRGY Accelerator 2023, a cornerstone of Bank Central Asia’s (BCA) corporate social responsibility strategy, has emerged as a thriving platform for Indonesian startups to forge collaborations with corporations, propelling the digital transformation of Indonesia’s economy. Established in 1957, BCA is currently the largest private bank in Indonesia, and the largest bank in South East Asia as measured by market capitalization.
D3 Labs unveiled Seaseed, a Distributed Ledger Technology (DLT) based core banking backend infrastructure. Launched in June 2023, Seaseed has already partnered with one of the digital banks in Indonesia and is poised to usher in the era of digital system 3.0. This decentralized and interoperable system eliminates single points of failure, empowering various financial activities, including enhancing Know Your Customer (KYC) procedures.
“At D3 Labs, we believe in the transformative power of technology in shaping the future of banking. Seaseed, our innovative solution, is designed to revolutionize financial operations, making them more efficient, transparent, and interconnected. As the largest private bank in Indonesia, our partnership with BCA SYNRGY Accelerator Program signifies our commitment to driving positive change not only locally but on a global scale,” said Chung Ying Lai (CY), Co-CEO of D3 Labs.
D3 Labs emphasized the crucial role of KYC as the gateway to the banking sector—SeaSeed promises to streamline and optimize KYC processes, generating potential cost savings and enhancing data security. KYC is notorious for its complexity and high costs, with banks spending an average of $60 million annually on average for these processes. Seaseed’s innovative approach aims to mitigate these challenges and reduce friction for businesses and customers.
Seaseed’s Game-Changing Features
Seaseed offers numerous benefits, including the elimination of duplicated processes and data that drive cost reduction, seamless integration with third-party systems, and enhanced data security through a private and immutable distributed ledger. These features ensure streamlined onboarding processes, reducing time and costs while guaranteeing data accuracy.
D3 Labs envisions Seaseed as a catalyst for transformative change in the banking sector. Beyond KYC, Seaseed aims to address the complexities of cross-border transactions, promising a more efficient global banking landscape.
Samuel Tjung, Vice President of Digital Innovation Solutions at BCA, expressed PT Bank Central Asia Tbk (BCA)’s commitment to continuously bring innovative financial service solutions to enhance competitiveness amid the increasingly competitive banking landscape. “BCA proudly supports the growth of startups in Indonesia, including through SYNRGY Accelerator, as a manifestation of our commitment to drive innovation and make a positive contribution to the business ecosystem in the country,” said Samuel.
He believes that through sustained support, a future full of potential and progress can be realized. “Together with Indonesian startups, including D3 Labs, BCA is always at the forefront of embracing transformation and accelerating the growth of the digital economy in the homeland,” continued Samuel.
D3 Labs’ participation in BCA SYNRGY Accelerator 2023’s Demo Day underscores its unwavering commitment to pioneering innovation and catalyzing transformation in the banking sector. SeaSeed is poised to revolutionize financial operations, delivering cost savings, heightened security, and unparalleled efficiency across the industry.
“Seaseed represents our vision for a future where banking is efficient, transparent, and interconnected. Our partnership with BCA SYNRGY Accelerator Program, combined with their credentials as the largest private bank in Indonesia, reflects our unwavering commitment to revolutionizing the global banking sector for the better.”, said CY.
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