RegTech startup Coinfirm has partnered with Humaniq to bring financial transparency and inclusion to developing economies using Blockchain.
Coinfirm, a blockchain compliance & analytics platform, will integrate its AML/CTF Platform across the Humaniq ecosystem. The platform provides structured actionable data that claims to increase efficiency, reduces costs and streamlines compliance to near automation.
Through the new partnership, Humaniq said it will be able to further secure transactions made in HMQ tokens, which fuels its platform, from uncontrolled misuse for illegitimate purposes.
Together the pair will lay ‘the foundation for a new standard of safety and compliance’ as well as inclusion of more participants in global markets, ‘increasing the efficiency of transactions and also the trust and access that new and existing members of global markets’ will have according to a statement from Humaniq.
Coinfirm will also gain access to all white-labelled HMQ wallets created on the Humaniq network, enabling it to supply its users with information regarding registered secure wallets and facilitate secure participation in the global economy.
London-based Humaniq utilises a mixture of Blockchain technology, biometrics and a mobile application to enable access to financial services. Its mission is to provide worldwide financial inclusion by enabling access to global markets, greater opportunities, and novel financial solutions.
The company claims that if it achieved its mission it would free up approximately $4.2trn of capital for investments and market growth of the poorest countries.
Back in April, Humaniq landed backing from professional services giant Deloitte. It previously raised $3.8m through an initial coin offering while conducting trial projects across Africa and India.
Coinfirm is also set to release its own token of compliance, which aims to build an open financial system and bring cryptocurrencies into the mainstream.
It claims the AMLT token will ‘add a new level of transparency to the ecosystem’ by allowing entities to rate and provide information on other market participants into the Coinfirm AML/CTF Platform.
Earlier this month, RSK, a smart contract provider for bitcoin, partnered with Coinfirm to address AML/CTF financing compliance for cryptocurrencies. The RegTech company also recently added ‘deeper strength and experience’ to its ranks by bringing in Citigroup, KPMG, Publicis Groupe and SAP Veterans to the advisory board.
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