01
How many refresh and EDD files does your team complete in a month?
Volume, by client type where you track it. Periodic refresh and enhanced due diligence, not new onboarding.
MASSIVUE RESEARCH · SINGAPORE & HONG KONG · 2026
The KYC Operations Benchmark
What periodic refresh and enhanced due diligence actually cost the firms that do this work for a living. A short study of fund administrators, corporate service providers, trust companies and compliance outsourcers across Singapore and Hong Kong.
Take part: 20 minutesParticipants receive the full anonymised findings before publication.
WHY WE ARE RUNNING IT
Every published benchmark on client due diligence is written for banks. None of it describes what the work costs a firm that performs it as a service, at volume, for other people’s clients.
We are asking around fifteen firms the same three questions and publishing what we find. If you run this work, the result should be useful on its own: the first sight of where your own numbers sit against the people you compete with.
THE STUDY
Three questions
That is the whole instrument. Twenty minutes, on a call, in whatever depth you are willing to go.
02
What does one completed file cost you, fully loaded?
Analyst time, review, screening subscriptions, the chasing. A considered estimate is fine. We are interested in the split across stages as much as the total.
03
What share of files fail your own QA on first pass, and why?
The rework rate, and the reason that comes up most often. In our experience source of wealth corroboration and document chasing dominate, but we want to know whether that holds.
PARTICIPANTS
Who we are speaking to
Fund administrators
Including VCC administrators and firms servicing private equity, venture and family office structures.
Corporate service providers
Registered filing agents and company secretarial firms carrying ongoing due diligence obligations.
Trust companies
Licensed trustees in Singapore and holders of a Hong Kong trust or company service provider licence.
Compliance outsourcers
Firms providing outsourced MLRO, KYC and CDD support to MAS licensees and financial advisers.
We are speaking with the person who owns the economics of this work: a managing director, a head of compliance or MLRO, or a head of operations. If that is someone else at your firm, please point us to them.
WHAT YOU GET
In return for twenty minutes
01
The full anonymised findings
Sent to every participant ahead of publication, with the ranges across all firms in the study.
02
Your own position in the range
Where your cost per file and rework rate sit relative to the others, shared only with you.
03
An early read on what is mechanisable
Which stages of file preparation can be automated with an audit trail that holds, and which need a human judgement. This is what we are ultimately trying to work out.
CONFIDENTIALITY
No firm is named in the published findings, and no figure is attributed. We do not ask for client names, client data or any document. If you would rather participate under a mutual NDA, say so and we will sign one before the call.
WHO IS RUNNING IT
MASSIVUE is a Singapore based consultancy working on operating model and AI adoption across financial services in Singapore, Malaysia and Hong Kong.
2020
Founded in Singapore
40+
Enterprise transformation engagements across APAC
10
banks and insurers served
Sandeep Joshi
Leads the study. Twenty five years across product, engineering and enterprise transformation, working with banks, insurers and professional institutes across Singapore, Malaysia and Hong Kong.
TAKE PART
Twenty minutes, three questions, no pitch
We are not selling software. There is not any yet, and that is rather the point of asking. The study closes 20 Oct 2026, and findings go to participants on 10 Nov 2026.