Kyckr signs three-year deal with Bloomberg
David Cassidy, the managing director of Australian fintech group Kyckr, says keeping up with anti-money laundering compliance obligations is “like painting the Sydney Harbour Bridge”. It never stops.
Kyckr is a relatively small Australian firm that is becoming a major player in the fast-growing field of regulatory technology, which enables banks and other companies to properly identify the customers they are supporting with the aim of weeding out illegal activities.
The global financial crisis was a disaster for the banking industry but it has become a goldmine for start-ups being employed by big banks and other large corporations to make sure they meet increasingly strict compliance rules.
ASX-listed Kyckr will announce on Tuesday it has signed a three-year deal with global information services giant Bloomberg. The company, which floated last year, went into a trading halt on Monday, which suggests the new contract is material although it will not reveal how much it is worth.
The deal means Kyckr will provide access to business registry data for Bloomberg customers, which includes big banks in the United States and elsewhere. Cassidy says securing a global blue-chip client like Bloomberg is expected to give the company a big global, particularly in the United States. Many of its customers are based in Europe.
Kyckr uses Blockchain technology to help banks and other customers meet their obligations under so-called Know Your Customer (KYC) rules, which are designed to prevent the funding of terrorism and tackle money laundering.