To keep abreast with its rapidly growing global community, cryptocurrency exchange Coinut will be utilizing the eKYC onboarding process, anti-money laundering, and global compliance monitoring solutions of Advance.Ai.
SINGAPORE, 31 August 2022 - Coinut (Coin Ultimate Trading) is a web and mobile app cryptocurrency exchange based in Singapore and Toronto. Started in 2013, the exchange offers secure transactions with an offline wallet; an easy, fast, and user-friendly interface; and the lowest fees for fiat-to-crypto and crypto-to-crypto deposits and withdrawals and currently has 1.3M global active users on the platform. Coinut supports Bitcoin, Ethereum and Litecoin exchanges exchanges with fiat currencies Singapore Dollar and Canadian Dollar.
As its number of global users grow, Coinut is making it a top priority to safely and securely onboard new customers anywhere in the world through a fast and frictionless onboarding journey before they can start trading. When it comes to digital assets, it is also essential for Coinut to have a partner that can automate and simplify solutions to combat fraud and identity theft, while also meeting strict global compliance and AML (anti-money laundering) screening standards.
While a survey by Milieu research earlier this year said almost one-third of Singaporeans own a cryptocurrency, with the majority of them holding on to it for trading and investment, the Monetary Authority of Singapore also said it plans to broaden crypto regulations in July this year with the focus on money laundering and terrorism financing risks.
Coinut decided to partner with Singapore-headquartered AI company, ADVANCE.AI to power its customer onboarding journey via its One-Stop Platform, which allows for easy configuration and customisation. Through this partnership, Coinut users will be able to quickly complete efficient and accurate eKYC processes, enjoy fast approval and better authentication for account opening and high-risk digital payment transactions such as withdrawals and deposits. The process includes the use of video eKYC for remote onboarding, advanced facial recognition and ID document recognition technology for customers in over 200+ countries (including in Asia, Africa and Latin America).
Xinxi Wang, Founder & CEO of Coinut said: “As a financial entity regulated under Ontario Securities Commission of Canada and an exempt financial entity under the Payment Services Act in Singapore, the safety and security of our global customer base and transactions on our platform is extremely critical. Thanks to ADVANCE.AI, our eKYC onboarding process is not just quick and user-friendly, but also seamless and secure. Compliance is also key for us as we scale our business globally so we look forward to growing our partnership with ADVANCE.AI and rely on their experience and expertise, especially in AML and compliance monitoring.”
Coinut (COIN Ultimate Trading) is a cryptocurrency exchange platform that offers secure, fast, user-friendly and low transaction fees. It guarantees an offline wallet and semi-manual process of big withdrawals for fraud protection and a lightning network for instant transactions with low fees. It trades cryptocurrencies and fiat currencies (BTC, LTC, ETH, USDT, XSGD) in the platform and allows deposits using debit/credit card and mobile pay apps. Founded by one of the co-founders of Litecoin Foundation, Coinut has been in operation for 9 years since 2013 and is one of the earliest cryptocurrency exchanges in Singapore with a subsidiary in Canada. It is regulated as a Money Service Business in Canada and is supported by Boost VC from Silicon Valley, Bitmain from Beijing, and the National University of Singapore Enterprise from Singapore. Currently, Coinut boasts 1.3M active global users on the platform.
ADVANCE.AI is a leading AI company that provides digital transformation, fraud prevention, and process automation solutions for enterprise clients. A leader in Artificial Intelligence, risk management and digital lending solutions, it currently partners over 700+ enterprise clients across banking, financial services, fintech, payment, retail and e-commerce sectors. Key clients include Bank Jago, Tokopedia, Gojek, Standard Chartered and Shopee. ADVANCE.AI is part of Advance Intelligence Group, one of the largest independent technology startups based in Singapore. Founded in 2016, the Group has presence across South and Southeast Asia, Latin America and Greater China. The Group is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures and Singapore-based global investor EDBI.