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‘Failure is not the opposite of success, but a part of it.’ -Ficoal Dong

Updated: Jan 17

Country: Singapore

Industry: RegTech

Founded date: 2019

Ficoal Dong, CEO of Asia Verify

A father of one and a friend to many. Ficoal Dong proves to us how surrounding yourself with supportive people is instrumental to success, although there are some days where we have to be our own number one ally and supporter.

After spending months finding a way to connect and access data from Asia to countries abroad; Ficoal Dong found that there is a lack in the market for a service like this and that it was actually a problem that he could solve. This is how AsiaVerify, Ficoal's third startup, has come to be. ‘In 2019, I established AsiaVerify, a regulation technology service that provides instantaneous access to business, customer and shareholder verification data, sourced from the most authoritative government registry information across Asia, fully translated in real-time. Three years on and now my team’s mission is to build simplified and effective tools, so companies can engage in Asia with confidence and ease.’

As most entrepreneurial journeys are, Mr. Dong’s road to success did not come without its challenges. Overcoming external conflicts are almost integral to becoming a better leader in the business world; but Mr. Dong’s rival, for a time, was himself. Whenever he would encounter mistakes or failures, he was quick to be critical and harsh on himself. Something that we all might be a little guilty of. Yet, when it comes down to it this is how Mr. Dong overcomes it. ‘I took a moment to look at the problem outside of my mistakes and diagnosed it for what it was. The moment to fix it was now, if I faced failure and picked up my pieces.’ One of the greatest successes on his journey is realizing that ‘Failure is not the opposite of success, but a part of it.’ A view that all entrepreneurs must have.

Now, AsiaVerify stands out from competition by offering what isn’t available in the market and doing something that hasn’t been done. ‘No one had original first party data from authoritative government sources in several different countries in Asia, translated in real time. We worked on this, and now we currently have 12 jurisdictions.’ 100% automated, real-time and cutting edge algorithm that helps companies save cost and reduce waiting time - from weeks to seconds. They have released a real-time KYB access to 12 different countries in Asia and are being used by leading financial institutions worldwide.

His success is built with a good foundation of people supporting him along the way. From his team who cares about the work they do, great investors, advisors, friends and his wife. To quote Mr. Dong 'Failure happens only when you stop trying. Everything in between from setbacks and the long hours spent thinking of what are valuable assets and a part of your success story.'

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