Uppsala Security and Danal FinTech Signed a Cryptocurrency AML Solution Contract
The industry’s first Crypto AML Solution to support the Hyperledger Fabric framework
Singapore, 12 May 2020 — Uppsala Security, an award winning [1] blockchain based cybersecurity company, officially announced that it has signed a contract that will materialize with establishing an Anti-Money Laundering (AML) system in cooperation with Danal FinTech, a cryptocurrency payment platform for Danal. Danal is a leading South Korean firm specializing in the payment integration business.
Through this agreement, Danal FinTech will adopt a complete AML product suite developed by Uppsala Security, which does not only include the AML functions implemented by existing financial institutions, but that also monitors, tracks and analyzes transactions of digital assets in the form of cryptocurrencies suspected of money laundering or terrorist financing, which can then be quickly reported to the Financial Intelligence Unit (KoFIU).
This cooperation reflects the intention of Danal FinTech to actively expand its global business by fulfilling the obligations of law-abiding management and money laundering as a Virtual Asset Service Provider (VASP) and adhere to the global compliance before the revision of the Special Money Act takes effect in South Korea.
Danal FinTech combined multi-edged payment systems with blockchain technology to open its first high-speed, highly secure Hyperledger Fabric-based mainnet in May 2019. Once the Uppsala Security’s AML solution integration is completed, it will be possible to monitor and track suspicious transactions against PayCoin (PCI) in real time, which is significant in that it will be the first in the industry to track its Hyperledger Fabric coins, PCI.
The Uppsala Security AML solution is characterized by its ability to proactively analyze virtual currency transactions based on the usage of Machine Learning and Artificial Intelligence algorithms. Moreover, it provides a modular and customer fitted solution with its own fault-finding function to prevent Money Laundering and Terrorist Financing. Uppsala Security’s blockchain and technical capabilities were recognized by Frost and Sullivan for the first time in the Asia-Pacific region, being the first project to receive the “2020 Asia-Pacific Blockchain and Cryptocurrency Security Technology Innovation Award” in April, 2020.
Danal FinTech has provided their services to a variety of partners, including CU, Domino Pizza, Shinsegae SSG Pay and Kyobo Bookstore, and therefore contributed to offering the direct customers a more convenient and user-friendly payment experience in their day-to-day life. Recently, it also registered with the Swiss Self-Regulatory Organization (SRO), a self-regulatory body of the Swiss Financial Markets Administration (FINMA), to establish the foundation for overseas service expansion.
“Before a full-scale overseas business expansion, we will actively consider and apply the necessary policies to provide a safe and compliant virtual asset settlement service environment. Our goal is to respond in a timely manner to changes established by major core countries in the regulatory environment, and we will do so by starting with the introduction of Uppsala Security’s solutions.” shared Ted Hwang, CEO of Danal FinTech.
Patrick Kim, Founder & CEO of Uppsala Security, said: “It is a great honor to provide our AML solutions to Danal FinTech, the leading virtual asset payment company in South Korea. Based on the results of the crypto AML support offered to Danal FinTech, we hope to expand our business by jointly providing ready solutions for payment companies using the Hyperledger Fabric framework.”
About Danal FinTech
Danal FinTech is a simple and convenient cryptocurrency payment platform for both e-commerce and retail use. It is a cryptocurrency project supported by Danal, a payment company based in South Korea. By combining Danal’s 20 years of experience in payments with blockchain technology, Danal FinTech aims to mitigate the pain points of traditional payment systems, mainly excessive intermediary processes and high fees caused by them and slow payment schedules.
About Uppsala Security Pte Ltd
Uppsala Security built and operates the world’s first crowdsourced Threat Intelligence Platform known as the Sentinel Protocol, powered by blockchain technology and A.I. Supporting the framework is a team of experienced security analysts and researchers committed to helping organizations realize safely interconnected experiences by deploying a suite of advanced Risk Management Solutions satisfying the crypto security needs of organizations and industry compliance standards worldwide.
Uppsala Security is headquartered in Singapore and has branch offices in Seoul, South Korea and Tokyo, Japan. Follow Uppsala Security on Telegram, LinkedIn, Twitter, Facebook and Medium.
