Tech tool to support Chinese investment in Australia

A fintech has announced that its verification tool will be offered in China to support the purchasing of Australian property.

Through IDSecure, legal technology provider GlobalX has expanded its Verification of Identity (VOI) technology into China to help facilitate the purchasing process for Chinese investors looking to purchase property in Australia.

GlobalX has said that IDSecure’s bilingual verification agents, based in Beijing’s China World Trade Centre, will provide a complete VOI service to “increase the efficiency of land and property transactions in Australia”.

GlobalX CEO Peter Maloney said that the announcement enables Australian legal practitioners to “quickly and easily” verify their China-based clients.

“This service means IDSecure’s VOI professionals will facilitate face-to-face verification of Chinese buyers on behalf of the legal practitioner, a compliance piece that is required for Australian property purchases,” Mr Maloney said.

“Since its launch, IDSecure has offered Australian legal and conveyancing professionals a secure and cost-effective solution to meet their Verification of Identity obligations.

“Chinese investors have spent approximately $25 billion in the 2016–17 financial year, making them the most active offshore property player group in Australia. We are excited to now offer this innovative service to overseas property purchasers wanting to stake their claim in Australia’s prime real estate market.”

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Source: Tech tool to support Chinese investment in Australia – Mortgage Business