Klickl chooses Sumsub to enhance compliance, fraud prevention

By Gloria Methri

Klickl, the MENA-focused Web3 open finance platform, has partnered with Sumsub to meet regulatory requirements for cryptocurrencies and improve user identity verification. This collaboration enhances Klickl’s compliance, fraud prevention, and user asset security.

Sumsub will integrate comprehensive KYC (Know Your Customer), KYB (Know Your Business), and Transaction Monitoring solutions for Klickl, providing effective monitoring and risk assessment.

Key benefits include:

• Efficiency Enhancement: Automated digital verification processes ensure a fast and secure verification experience, accelerating transaction processes and improving service efficiency.
• Cost Optimization: Sumsub’s integrated solution reduces the complexities and high costs of coordinating with multiple providers.
• Authenticity and Accuracy: Connecting to multiple data sources, Sumsub’s API provides comprehensive and accurate verification results.
• Fraud Prevention: Built-in fraud detection reduces the risk of illegal activities, protecting the platform and its users.

As digital asset regulations tighten, compliance is crucial for financial service providers. Partnering with Sumsub helps Klickl ensure compliance and safeguard user assets and data security.

Michael Zhao, Founder and CEO of Klickl, stated, “As a regulated Web3 open finance platform in the Middle East and North Africa, Klickl is committed to promoting the healthy development of digital asset financial services within a compliant framework. Our collaboration with Sumsub is a significant milestone in our smart financial ecosystem development and a crucial step in managing risks and forward-looking strategic planning.”

Andrew Sever, co-founder and CEO of Sumsub, added, “We are proud to support Klickl on their way to build a compliant, world-leading crypto ecosystem. As Sumsub reinforces its presence in the Middle East, this partnership will contribute to creating a safe and open world of global Web3 finance. The role of innovative banking and digital payment solutions such as those provided by Klickl cannot be overestimated.”