Digital asset exchange HashKey Global teams up with Regtech firm Sumsub in an effort to accelerate user onboarding and evolving crypto regulations.
Regtech company Sumsub explained in a blog post that they’re working with HashKey Global, a licensed crypto-assets exchange under HashKey Group, in order to offer KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions.
During the last three months, Regulatory technology firm Sumsub claims it has “significantly” enhanced HashKey Global’s user verification processes, ensuring quicker onboarding times as well as considerably enahnced compliance for its vast base of nearly 600,000 registered users.
With the growth of the crypto industry and growing regulatory requirements, HashKey required a solution to replace its manual verification processes, which generally can be “prone to delays and human error.”
Sumsub was selected for its expertise in the crypto industry and its ability to “provide scalable, automated solutions.”
Sumsub’s Q1 2024 verification and identity fraud data saw a 245% year-on-year (YoY) increase in deepfakes worldwide.
As a regulated crypto / digital currency exchange, ensuring “swift” yet “comprehensive” anti-fraud and onboarding processes is vital for HashKey to address legislative requirements and compliance standards.
Regtech firm Sumsub’s solutions have enabled HashKey to enhance verification speed and accuracy while maintaining the “high standards required by regulators.”
Key achievement: speed and precision
Since implementing Sumsub’s suite of solutions—which are said to include identity document verification, “face matching, Liveness and deepfake detection, and Proof of Address checks—HashKey has seen substantial improvements.”
Key benefits include the following (on case by case circumstances):
- Average verification time potentially reduced to as low as 20 seconds
- Streamlined entire onboarding process to approximately 3 minutes, from uploading the documents and submitting the application to completing verification
- Average pass rate exceeds 70% across all regions
- Delivering efficiency without HashKey compromising on regulatory commitments.
- Increased efficiency has allowed the HashKey to better serve its global user base while continuing to meet regulatory requirements.