- Solus Connect, a Singapore based broad spectrum authentication platform for enterprises and institutions, partners with Latin Leap, a Colombia-based Venture Capital Studio focused on opening up opportunities in Latin America for Asian tech-scale ups.
- Through its adaptive, multi-factor authentication technology, Solus Connect seeks to support institutions in the deployment of trusted, user friendly, customer and employee authentication to combat cybercrime in the space of identity and access management.
- The partnership with Latin Leap will propel Solus Connect’s expansion in Latin America and provide local institutions with access to secure and reliable anti-fraud and cybersecurity solutions.
Colombia – Singapore, 19 October 2020 – Solus Connect, a broad spectrum authentication platform from Singapore, partners with Colombia-based venture capital studio Latin Leap. The partnership seeks to drive further international expansion of Solus Connect in Latin America and provide institutions and enterprises with greater access to solutions to combat fraud and cybercrime in the region.
Through its adaptive, multi-factor authentication technology, Solus Connect supports enterprises and institutions in the deployment of trusted, user friendly, customer and employee authentication to combat cybercriminal activity. With online scams, ransomware attacks, and phishing email schemes on the rise in Latin America, there is a dire need for enhanced cybersecurity solutions to tackle the emerging threat.
According to IntSights Cyber Intelligence, the four largest economies of Latin America – Brazil, Mexico, Colombia, and Argentina – are most vulnerable to cyberattacks. These economies have large amounts of capital, huge populations, and are rapidly adopting new technologies, but are lagging far behind the rest of the world in terms of implementing cyber defence mechanisms, regulation, and compliance policies.
According to a 2018 assessment by Europol, Mexico and Brazil ranked seventh and eighth respectively in terms of the number of cyberattacks globally.
As more turn to banking, shopping, and accessing government resources online during government-imposed lockdowns, the current PIN-based and password systems remain vulnerable to attacks via mobile trojans and wireless interception. Solus Connect’s biometric authentication combined with passive device monitoring addresses these security threats by making it harder for hackers to break the system and mitigating the risks associated with token-based security processes.
Enterprise Singapore, a government agency championing enterprise development of Singapore companies, has been supporting Singapore enterprises including Solus Connect, in their internationalisation journey. For Solus Connect, Enterprise Singapore provided market insights, sourced suitable in-market partners such as Latin Leap, and assisted with business development.
“Latin America is an attractive region for Singapore tech companies and start ups because of its high digital connectivity and nascent digital market. We find that there are ample opportunities for Singapore companies to collaborate with in-market partners in areas such as cybersecurity, data privacy and protection as illustrated by the partnership between Solus Connect and Latin Leap. We look forward to supporting more partnerships in the future,” said Francisco Rios, Regional Group Director, Latin America and the Caribbean from Enterprise Singapore.
Latin Leap, a newly formed Venture Capital Studio focused on opening up opportunities in Latin America for Asian tech-scale ups, aims to become a key pillar for supporting the globalisation of the region’s tech sector.
“As the need for more robust cybersecurity solutions in Latin America is accelerated by Covid-19, I believe that the Solus Connect platform will usher in a new standard of authentication that can help tackle cybercrime in the region,” said Stefan Krautwald, General Partner of Latin Leap. “With its comprehensive biometric authentication process and device monitoring, Solus Connect is well positioned to enhance trust and security in the region and we are proud to accompany the team on its growth path.”
Solus Connect’s highly adaptive platform suits the needs of a range of client verticals at the enterprise level including insurance companies, healthcare organisations, retail organisations, and financial institutions. Solus Connect has been working closely with partners such as Banco Davivienda, One Tech, and Velo Payments to enhance digital banking security and contactless payments.
“This partnership fits perfectly into our expansion strategy for emerging markets. By partnering with Latin Leap, a leading Latin American entrepreneurship ecosystem, it broadens the reach of existing relationships with value-added resellers (VARs) in the LATAM region, “said Matthew Ainscow, CEO of Solus Connect.
The Solus Connect platform has received UK Government accreditations and the facial recognition it utilises is the only global solution to have achieved Level 1, 2 & 3 spoof detection by iBeta. The partnership with Latin Leap would provide strategic and commercial support that will allow Solus Connect to further capitalise on their patented technology and global growth momentum and help drive deeper cooperation between the Latin American and Asian tech ecosystems.
About Solus Connect
Solus Connect is a provider of adaptive, multi-factor authentication technology designed for institutions looking to deploy stronger, user friendly, customer and employee authentication to combat cybercriminal activity in the space of Identity and Access Management. The Solus Connect platform replaces tokens and passwords with a combination of biometrics, such as 3D facial authentication, and machine-learning behavioural tools to detect and predict fraudulent behaviour as well as facilitate organisations’ KYC and digital onboarding requirements.
The highly adaptive platform offers versatile multi-factor authentication software at enterprise level and seamlessly integrates unobtrusive biometric solutions and machine-learning behavioural tools in order to monitor user and device behaviour. By eliminating the need for tokens and passwords, Solus Connect is able to deploy stronger user-friendly customer and employee authentication for its clients while combatting cyber fraud and reducing costs and risks associated with operating token-based security processes.
To learn more about Solus Connect, visit https://solusconnect.com/
About Enterprise Singapore
Enterprise Singapore is the Singapore government agency championing enterprise development. It also supports the growth of Singapore as a hub for global trading and startups. The agency attracts global commodities traders to establish their global or Asian home base in Singapore. Today, Singapore is a leading global trading hub with a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters. Singapore is also home to many global enterprises, startups and investors that operate in its robust pro-enterprise environment.
Enterprise Singapore builds trust in Singapore’s products and services through quality and standards. Renowned for their dedication to quality and innovation, Singapore companies make ideal business partners. With Enterprise Singapore’s global network in over 35 locations spanning many developed and emerging markets, it connects businesses with relevant Singapore companies for their business expansion.
Visit www.enterprisesg.gov.sg for more information.
About Latin Leap
Latin Leap is a Venture Capital Studio (VC Studio) that was established to create a unique impact investment platform to soft-land purpose-driven tech companies in Latin America. Through strong human and financial commitment, Latin Leap hopes to provide international tech scale-ups with access to essential resources for successful deployment in Latin America. The VC Studio aims to contribute to quality education in Latin America by fostering the growth of knowledge-intensive businesses in the region.
The main pursuits of Latin Leap VC Studio include:
- Impact Investment: Latin Leap has identified an investment sweet spot in purpose-driven companies with a proven product-market fit in global tech hubs. A strong investment focus has been placed on Singapore due to Latin Leap’s strong ecosystem relationships in the market. Latin Leap is an agnostic fund, but core verticals include Agtech, Edtech, Fintech, Healthtech, HR tech, and Mobility tech.
- Soft-landing: Latin Leap is positioned to operate at levels of efficiency characteristic of tech-based companies. By offering preferred access to corporate partnerships and experienced venture partners who serve as gatekeepers of the Latin American market, Latin Leap aims to help tech companies establish a unique geographical footprint in the region through the testbed market of Colombia.
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