Redotpay, an emerging crypto payment firm, has partnered with the London Stock Exchange Group (LSEG) to improve its services and align with global regulations requirements.
According to a recent press release, the partnership will enable the crypto payment firm to enhance its Know Your Customer (KYC) and Anti-Money Laundering (AML) screening capabilities through integration with LSEG’s World-Check Intelligence platform.
Michael Gao, CEO and Co-Founder of Redotpay, expressed enthusiasm for the partnership, stating it demonstrates the company’s commitment to maintaining high security and compliance standards. Gao noted that by leveraging LSEG’s risk intelligence, Redotpay aims to enhance user onboarding experiences and ensure the integrity of its payment network.
According to its official website, LSEG’s World-Check solution is a comprehensive database that “helps financial institutions, the regulated non-banking sector and companies to comply with mandatory KYC, anti-money laundering, countering the financing of terrorism, anti-bribery and corruption, and associated legislation.”
Michael Meadon, LSEG’s Director for the APAC Region and Risk Intelligence, noted that the incorporation of LSEG’s World-Check One solution underscores their commitment to providing top-tier compliance solutions.
According to Meadon, this enhancement will allow Redotpay to expedite onboarding, improve due diligence and screening processes, and ensure robust regulatory compliance.
Founded in 2023 and based in Hong Kong, Redotpay aims to enable users to utilize cryptocurrency assets in daily transactions, similar to traditional fiat currencies. The platform seeks to reduce overall transaction costs through blockchain technology and provide financial services access to the unbanked, promoting greater economic prosperity and financial inclusion.
This development aligns with a broader trend of tech and finance companies partnering to address global societal issues. For instance, Visa recently announced a strategic collaboration with WireX to promote cryptocurrency use in the United Kingdom and Europe. This partnership will leverage new opportunities by integrating Visa cards with WireX’s product enhancements.
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