Sydney, Australia – Today marks the beginning of a UK Trade Mission aimed at promoting innovative legal technology solutions to the Australian market. The UK’s legal tech solutions market is the second largest in the world, worth around £25 billion to the economy. As such, UK legal technology companies have been at the forefront of creating innovative software solutions, and Verify 365 Digital Onboarding Technology, a leading provider of AML and identity verification solutions for law firms, is one of the companies participating in this trade mission.
UK Legal Tech Solutions for the Australian Market
“We are thrilled to be taking part in this UK trade mission to Australia,” said Rudi Kesic, CEO of Verify 365 Digital Onboarding Technology. “Australia is a key market for us, and we see great potential for our digital onboarding solutions to help the legal sector in Australia to improve its customer experience.”
Eight innovative UK companies specialising in legal tech solutions were selected by the UK government for this trade mission. These companies are at the forefront of British ingenuity and epitomise the legal technology evolution in the UK. They have successfully worked in the UK and internationally to address sector-specific challenges.
As part of the trade mission, these companies will be exhibiting at the Legal Innovation & Tech Fest, taking place on 1st and 2nd May 2023 in Sydney. The event will bring together hundreds of lawyers and lawtech experts to explore the vast market opportunities offered by legal technology and how law firms in Australia can benefit from its adoption.
“The new UK-Australia Free Trade Agreement (FTA) highlights professional and legal services provisions for both freer movement of people and the mutual recognition of legal qualifications,” said Rudi. “These provisions will foster greater movement of ideas and innovation in the lawtech space in the near future. Provisions relating to digital trade – particularly on data-sharing initiatives and electronic contracting – will also bring specific benefits to the legal sector.”
Ardi Melikian, Director of Verify 365’s Sydney office, added, “Our solutions will enable Australian law firms to provide their customers with an active, personalised, and digitally-enabled legal experience, meeting the expectations of tomorrow’s clients and ensuring they stay compliant with AML regulations.”
The Australian legal tech solutions market is expected to reach $10 billion by 2026. This trade mission will provide a platform for UK lawtech companies to showcase their solutions and engage with legal professionals, which is part of a wider initiative by the UK Government to promote UK-developed legal technology solutions to international markets.
Verify 365’s digital onboarding solutions provide a dynamic and flexible approach to identity verification, covering over 200 countries and utilizing advanced biometric, NFC, and behavioural analytics to detect fraudulent activity. “In Australia, law firms are required to comply with Anti-Money Laundering regulations, which Verify 365’s platform can assist with. The technology enables firms to easily and quickly verify the identity of clients, confirm the source of funds using Open Banking technology, and screen their clients against global sanctions watchlists. This not only ensures compliance but also streamlines the onboarding process and improves the overall client journey experience,” added Ardi.
Verify 365 Digital Onboarding Technology is excited to bring their expertise in digital onboarding to the Australian legal market and collaborate with their Australian counterparts to drive innovation in the legal technology space.