Crypto wallet under your skin is here now. More about collapse of AML in Southeast Asia and why they need SumSub.
You don't need to scour dozens of news sites anymore to find really important news. We've already done it for you. Every day, we monitor updates from top companies and news from many countries to gather useful material for you keeping the pace.
Let's start with crypto and the sensational Apex chip. What is it? It's a hardware wallet that's literally the size of a pill. Apex is designed to solve the problem of bulky wallets (essentially key storage devices) that are often difficult to store and scary to lose. The wallet can be implanted under the skin and carried there permanently, without fear of loss or damage. The way of operation is exactly the same as with any other device: a mobile application acts as a portal to the wallet, and physical carrier is only a key storage device. This tech “wonder” costs only $349, not much more than the average hardware wallet. It's hard to say how popular this approach will become and to which extent it will change the market, but the idea sounds interesting.
Southeast Asia has made headlines with a major collaboration with well-known anti-fraud tool SumSub. The company has signed contracts with several major players in the main hubs of the region. Agreements with Nexus Technologies, headquartered in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in Malaysia will enable the development of a more advanced AML protection mechanisms, including KYC user verification for several services.
These countries have faced a significant increase in fraud recently, which is likely related to the growth and development of the region itself. Situation in the world has played quite into Asia's hands and has attracted many investors and affluent citizens. At the same time, there has been an influx of capital that now needs to be controlled. Fraudsters have not stood aside from these processes and have immediately begun using deepfakes and similar technologies to extract their own profits. Precisely against this threat companies plan to use the capabilities of SumSub. In addition, neighboring Singapore has also reported strengthening AML controls.
Although Asia still has a long way to go in terms of AML strictness compared to Europe, things are definitely moving in that direction, and we can expect registration and use of various familiar services, especially financial services, to become more complicated.
Read more news and author materials about payment systems on our website in the Mono Talks section.
