Uppsala Security and Delio sign an MOU to implement AML Solutions and work on security enhancements

Sentinel Protocol Team
Jul 28 · 4 min read

Delio will expand its service globally by adopting Uppsala Security’s Cryptocurrency Anti-Money Laundering Solutions that comply with the international standards of the Financial Action Task Force (FATF).

Image for post
Image for post

Singapore, 28 July 2020 — Uppsala Security, a cybersecurity company that built and operates the world’s first crowdsourced Threat Intelligence Platform known as the Sentinel Protocol, powered by blockchain technology and A.I., officially announced on the 24th of July 2020 the signing of a Memorandum of Understanding (MoU) with Delio, a blockchain-based FinTech company, with the goal of implementing Anti-Money Laundering solutions and strengthening the security services.

Image for post
Image for post
Uppsala Security CEO Patrick Kim and Delio CEO Chung Sang-ho signed an MOU to introduce virtual asset AML solutions and strengthen the security of Delio.

Delio is planning to work with Uppsala Security to establish an AML service in order to promptly respond to the revised Special Act (The Act on Reporting and Use of Specific Financial Transactions) which will be effective next year in South Korea. In addition to that, the cooperation aims to implement security solutions compliant with the recommendations of the FATF guidelines and to further strengthen the security of Delio’s cryptocurrency lending/deposit service.

Delio, which currently offers virtual asset lending services through a number of exchanges, including Bithumb in South Korea, has the largest digital asset lending capability (of KRW 480 Billion) and is expanding its digital asset financial services.

“We plan to provide remote lending services to overseas exchanges from countries such as China, Japan, Singapore and Southeast Asia region within the Q4 of 2020. Our decision to cooperate with Uppsala Security came as a consequence of its ability to provide us the necessary products and solutions through which we can meet the international standards of the FATF. By adopting these professional cryptocurrency AML solutions before expanding our global business we will not only comply with the already disclosed regulations, but we are proactively making a step forward towards being ready for when new regulatory measures will be implemented.“ explained an official at Delio.

When entering the global market, regulatory measures vary slightly from country to country. In the case of Uppsala Security, it has all the AML functions needed in the existing financial sector, as well as modularized functions such as real-time crypto tracking and monitoring, fraud detection system and automated reporting systems, which satisfy the regulation and compliance requirements.

Uppsala Security’s AML solution was first adopted by Danal FinTech in May 2020. The cybersecurity company also recently signed a “Service Business Partnership” contract with Samsung Electronics through which it engaged to provide real-time tracking customer services for the Samsung Blockchain Wallet users that experience fraud or any sort of malicious intent affecting their digital assets.

Patrick Kim, Founder & CEO of Uppsala Security, said: “The size of the crypto assets lending market is growing at about KRW 20 trillion and 250% per quarter as of the end of 2019. With this large amount of money raised in the DeFi lending market, strengthening the security systems has become an indispensable task for lending service companies. Through this agreement, we will not only protect the digital assets of the end users by introducing Anti-Money Laundering solutions and strengthening the security of Delio’s rental/deposit services, but also drive progress towards tracing and stopping malicious funds from being further transacted and therefore irreversibly lost.”

About Delio

Delio is South Korea’s leading Crypto Finance company with 4.5 Million members pool and KRW 480 Billion annual lending capacity. Based on patented remote collateral setting technology, the company provides virtual asset lending services through ‘Delio Cloud’ to Bithumb, a Korean domestic virtual asset exchange. In addition, it provides various virtual asset utilization services such as virtual asset deposit and cloud mining.

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 technologies and A.I. Supporting the framework is a team of experienced security analysts and researchers committed to helping organizations realize safely interconnected transactions 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.

Sentinel Protocol

Together we can overcome the disadvantages of…

Sentinel Protocol Team

Written by

Operating on blockchain technology, Sentinel Protocol harnesses collective cyber security intelligence to protect crypto assets against hackers, scams and fraud

Sentinel Protocol

Together we can overcome the disadvantages of decentralization by transforming them into an advantage for security.

Sentinel Protocol Team

Written by

Operating on blockchain technology, Sentinel Protocol harnesses collective cyber security intelligence to protect crypto assets against hackers, scams and fraud

Sentinel Protocol

Together we can overcome the disadvantages of decentralization by transforming them into an advantage for security.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch

Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore

Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store