In an effort to improve its client onboarding process across Europe, Admirals has partnered with the identity verification provider Onfido. The collaboration will allow Admirals' online investment platform, Admiral Markets Cyprus Ltd, to streamline onboarding and account creation for clients in over 25 European countries.
Admirals Partners with Onfido to Enhance Onboarding Experience
By integrating Onfido's AI-powered identity verification technology, Admirals aims to increase security, prevent fraud, speed up onboarding, and remain compliant with various regulatory requirements.
Onfido's document and biometric verification tools will help Admirals validate user identities and detect fraudulent activities during onboarding. This is expected to build greater trust and confidence among Admirals' existing and prospective clients.
"Onboarding clients from European countries where regulations and security standards are demanding requires a pioneering, trusted and reputable partner like Onfido," Stefanos Mistrellides, the Onboarding Product Owner at Admirals, said. "We aim to continue setting Admirals as a leading fintech destination in Europe."
Admirals Group AS is a fintech company offering clients a wide range of financial products and services worldwide through its regulated investment firms, including foreign exchange , contracts for difference, stocks and ETFs. Admirals has expanded globally over the past two decades since its founding and received industry recognition for its trading tools.
Andrea Bondi, the SVP of Digital Identity Solutions at Onfido, added that the company "helps businesses meet regulations while ensuring a secure onboarding experience."
Admirals' New Products
The Estonia-based forex and CFD broker has been actively enhancing its trading platform and product offerings in recent years. In 2020, the company started developing a new proprietary web-based trading platform, which was officially launched in November 2023. The platform gives users access to over 7,400 financial instruments.
To boost liquidity, Admirals integrated Match-Prime's multi-asset liquidity pools. This brought added simplicity, transparency and security for clients. In August, Admirals released a new automated investing tool called Auto-Invest. The feature lets investors optimize their portfolios and set up automated contributions from their wallets or Invest.MT5 accounts.
Meanwhile, Admirals' UK subsidiary, Admiral Markets UK Limited, reported a marginal revenue decline of 2.2% in the fiscal year 2022, totaling £6.04 million. Higher administrative costs led to a pre-tax loss of £267,147. However, the overall Admirals Group generated revenue of €69 million across its global operations.
