m-FINANCE, a foreign exchange (forex) and commodities trading solutions provider in Asia, has announced a partnership with Data Zoo, to provide its clients with a range of identity services.
Specifically, by partnering with Data Zoo, m-FINANCE will be able to provide its brokerage and financial institution customers with Know Your Customer (KYC), Anti-Money Laundering (AML) and PEPs (Political Exposed Persons) and Sanctions Screening services.
As Finance Magnates reported, the KYC process is the defense line for brokers to protect against AML, fraud, and more. The KYC process doesn’t just help brokers comply with regulations; it also allows them to maximize the success of the customer onboarding journey, as well as better manage risks.
Data Zoom, which is a supplier of electronic Identity Verification (eIDV) in the Asia Pacific region, provides instant KYC and AML verifications on individuals, allowing firms to comply with international and local regulations.
Data Zoo’s solutions to be integrated with m-FINANCE CRM
Under the agreement, Data Zoo’s identity solutions have been integrated into the m-FINANCE CRM system. This means m-FINANCE customers, which largely include brokerages, can now access Data Zoo’s solutions to improve their own identity verification process and reduce the risk to their business.
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Commenting on the collaboration between m-FINANCE and Data Zoo, Dick Tam, CEO of m-FINANCE, said: “KYC and AML verification are becoming more important than ever. m-FINANCE selected Data Zoo due to their simplicity to directly integrate into our CRM solution and Data Zoo’s direct access to in-country governmental verification sources, providing unparalleled verification rates.
“Further to this, the Data Zoo roadmap to integrate additional verification sources throughout the APAC region provides me and the team with comfort that the Data Zoo solution is future proof.”
Data Zoo’s KYC process verifies various documents, which may include one or more of the following – full legal name, valid date of birth, valid ID number, phone number, bank card number, and address.
“Data Zoo is excited to partner with m-FINANCE and proud to see our investment to secure previously inaccessible verification sources being beneficial and providing businesses like m-FINANCE with the ability to continue to grow in a safe and secure manner,” added Tony Fitzgibbon, CEO of Data Zoo.
“Partnering with m-FINANCE will enable Data Zoo to have a presence in the countries where m-FINANCE operate (Mainland China, Hong Kong, and Taiwan) to enable the promotion of Data Zoo’s IDU offering. I look forward to exploring future opportunities and what we can achieve together.”