11 August 2023

Mulai partners with AnChain.AI to accelerate SEA Crypto Compliance

Mulai, a SaaS Acquisition Platform for Banking & Fintech, based in Singapore, today announced its partnership with AnChain.AI, the leader in Web3 digital asset security, investigations, and AML compliance to accelerate the adoption of crypto compliance solutions in South East Asia.

“We’re thrilled to partner with Mulai Networks to extend our presence in Southeast Asia, particularly in Indonesia. This collaboration underscores our global expansion commitment and leverages Mulai’s regional expertise. Together, we’re excited to bring tailored solutions to the Indonesian market and embark on a journey of mutual growth.” – Christian Nunez, Head of Partnerships at AnChain.AI

The crypto landscape in South East Asia has witnessed a significant transformation, with regulatory bodies beginning to recognize cryptocurrencies as legitimate payment solutions. This recognition is a testament to the growing acceptance of digital currencies as viable alternatives to traditional financial instruments.

As governments and regulatory bodies in South East Asia adapt to this evolving landscape, they are increasingly emphasizing the importance of compliance for businesses and financial institutions operating in the crypto space. Recognizing the potential risks associated with cryptocurrencies, regulatory authorities are implementing measures to ensure that proper AML and know-your-customer (KYC) procedures are in place. This proactive approach not only safeguards the interests of investors and consumers but also fosters a more transparent and secure crypto ecosystem.

Requirements for Financial Institutions

Financial institutions looking to adopt Web3 technologies, especially cryptocurrencies, are now faced with stringent compliance requirements. These requirements include:

AML and KYC Procedures: Financial institutions must implement robust AML and KYC procedures to verify the identity of users and monitor transactions for suspicious activities. This helps prevent money laundering, terrorist financing, and other illicit activities.

  1. Reporting and Record-Keeping: Institutions are required to maintain detailed records of transactions and user information, ensuring transparency and accountability.
  2. Licensing and Registration: Some countries in South East Asia may require cryptocurrency exchanges and related businesses to obtain licenses or register with regulatory authorities to operate legally.
  3. Risk Management: Financial institutions must assess and manage the risks associated with cryptocurrencies, including market volatility and potential cybersecurity threats.
  4. Customer Education: Institutions should educate their customers about the risks and benefits of cryptocurrencies to promote responsible usage.

About Mulai:

Mulai (HQ in Singapore) is a SaaS Acquisition Platform for Bank & Fintech specifically for Anti Financial Crime Solutions. Mulai was founded in 2023 by an SDR in Anti Financial Crime Solution who felt that Financial institutions were doing multiple duplicate jobs during the onboarding of new SaaS based solutions. Mulai helps Financial Institutions save more than $1 billion in SaaS based vendor onboarding processes.

About AnChain.AI:

AnChain.AI (HQ in San Francisco) is an award-winning AI-powered cybersecurity company enhancing Web3 security, risk, and compliance strategies. AnChain.AI was founded in 2018 by cybersecurity and enterprise cloud veterans. Backed by both Silicon Valley and Wall Street VCs, and selected in the Berkeley Blockchain Xcelerator, they are trusted by 100+ customers from over 10+ countries in sectors: VASPs, financial institutions, and government, including the U.S. SEC (Securities and Exchange Commission). AnChain.AI Web3 Security Suite protects over $50 billion in digitalo assets. They are an RSA Innovation Sandbox Finalist (2023) and a CNBC Top Startups Award winner (2022).