Emirex is partnering with iDenfy to protect the integrity of its onboarding process. Emirex is a tokenization and cryptocurrency exchange that operates out of Dubai, and will specifically be using iDenfy’s identity verification services to thwart cybercriminals trying to use its platform for illegal or fraudulent ends.
In that regard, iDenfy’s solution is compliant with international Know Your Customer regulations, and will give Emirex more insight into its registration procedures. That means that the company will be able to reject applicants who have been associated with criminal activity in the past, or who display suspicious behaviors during onboarding.
Emirex indicated that the partnership will help guard against data breaches while delivering a better user experience for legitimate customers. To that end, the streamlined registration process will only take a matter of minutes, and speed up authentication times for subsequent interactions on the platform.
“We are proud to partner with Emirex and provide consumers with more peace of mind as they engage in daily transactions online,” said iDenfy CEO Domantas Ciulde. “With fraudulent activity running rampant, it is now more important than ever to make security a priority.”
“We provide our clients in the MENA region and around the globe with an excellent, fast and convenient onboarding service and an easy way to invest in digital assets,” added Emirex CSO Kirill Mishanin. “We believe this cooperation will be long-running and fruitful.“
iDenfy is already providing onboarding technology for several financial services organizations. Its list of recent customers includes KogoPAY, PanPay, and DSBC Financial, with PanPay in particular using the platform to facilitate transactions between people in China and those in the European Union.
The iDenfy solution uses a combination of face and document recognition to match an image of a new user to the photo on an official government document. The company has partnered with Smart Engines to improve its document capture capabilities.