Cloud HR with a security emphasis
Swingvy is a HR (human resource), claims, payroll and employee benefits platform that is cloud-based. It may well also be the first of its kind in this region. Founded in 2016 by a Malaysian, Tho Kit Hoong and his Korean co-founders Jin Choeh, Hyojun Lee and Jahun Koo, today Swingvy serves over 6,000 businesses with more than 100,000 employees across Singapore, Malaysia, Taiwan and Korea.
Its pay-as-you-use business model, is a huge appeal factor for SMEs already using its HR functions that are offered for free. On top of that, is the mobile-first approach that the solution has, which really offers simplicity and convenience to its users.
So appealing is the way this solution works that to date, it has successfully raised a total of RM36 million in funding. The latest round of funding last April, was a Series A type with Samsung Venture Investment Corporation (“Samsung Ventures”) leading participation from Aviva Ventures and Bass Investment.
This new funds injection would go towards accelerating Swingvy’s growth and expansion in the APAC region, as well as growing resources for on-going product innovation and development.
Its co-founder and CEO Jin Choeh had shared before that HR tech is a fast-growing sector, but this holds true in the United States only. In the Asia Pacific region, HR tech isn’t emphasised, even though there is a huge market of small-to-medium sized enterprises that can benefit from what Swingvy has to offer.
That said, the rate at which the company is raking in customers and also awards, is no mean feat. It could also be a sign that this part of the world is beginning to warm up to the technologies that Swingvy leverages to deliver their HR solutions.
A huge testament to this is the almost 400-percent year-on-year revenue growth it recorded last year, not to mention the various awards it has won since 2017. The latest one under their belt is last April’s Frost & Sullivan’s award that recognises Swingvy as the HR Tech company of the year 2018.
Simplicity and convenience
Employee Benefits, a module offering that Swingvy launched last year, is one example of how conveniently SMEs can operate now.
Instead of the usual tedious and manual process of evaluating, selecting and enrolling for group insurance plans, the whole process is automated and seamless right from the very start with recommendation and instant quotation capabilities.
This aligns well with SMEs which do not necessarily have the huge HR teams that large enterprises do. A feature like Swingvy’s Employee Benefits saves time and manpower to ensure that the welfare of an organisation’s human capital, is taken care of, in a timely way.
Kit Hoong explained, “We are changing how HR works by leveraging modern digital technology to connect the gap between employees and employers. It’s making HR simple, so that everyone can appreciate HR.”
With business functions like a payroll-to-partner dashboard (and more upcoming) being integrated, Swingvy’s main offering aims to serve as a hub via which a customer’s ecosystem of partners (like accountants and payroll agents, in this case) can interact and deliver function.
The cloud conundrum
Kit Hoong wanted to address the elephant in the room, and said, “Today, many companies are already adopting cloud services. Many of these companies, just do not realise it yet.”
Services like e-hailing, e-wallets, even social media like Facebook and Instagram are offered via cloud architectures, he pointed out, adding that using cloud technologies these days isn’t as much a taboo as it used to be.
The benefits of being cloud-based are clear.
Swingvy is able to scale as their customers increase, and they add new features to their solutions conveniently, as well as upgrade their solution without the hassle of versions that installed software typically comes with.
At the rate that the company is growing, they do aspire to be the operating system of every organisation.
This implies that the solution Swingvy has deployed in over 6,000 organisations across Malaysia, Singapore, Taiwan and Korea, has potential to integrate other corporate functions that a business requires to operate – finance, administration, sales, and more.
Thinking about security
Kit Hoong said, “Giving customers ease-of-mind and trust is important for us.”
Swingvy has undergone a cloud security audit conducted by Cyber Security Malaysia, the national security specialist agency, and it is the first cloud platform to be certified by this audit.
Kit Hoong also pointed out that a start-up’s journey is typically to focus on building and monetising and building brand awareness for a product. “Security is often a concern, but it isn’t a top priority, even though it should be.
“We want to work together with Cyber Security Malaysia, because we are very security-driven.”
Swingvy’s emphasis on security is also owed to the fact that it was Kit Hoong who originally founded CSP Global Technologies in 2008, a well-known award-winning distributor that focuses on cybersecurity products, solutions and consultations.
When building out the solution and adding more new capabilities to it, the thought of building in security is never far from mind.
“Awareness about the importance of security has always been there. IT security is part of our DNA. Swingvy is HR tech, but our security posture is also very important because we are dealing with customers’ personal information and this cannot be compromised,” he concluded.