Guest Post | Advt | Query:

Onfido launches Regtech Principles for Innovation

  • Industry leaders establish key principles for building trust between regulators, businesses and consumers in a digital world
  • Regulation Technology could cut $1.9 trillion in annual costs to US business

Onfido, the identity verification provider, has launched the Regtech Principles for Innovation to encourage greater collaboration between regulators and financial services. Aimed at building an inclusive financial ecosystem that protects consumers and businesses alike, the Principles encourage the use of new technologies to empower digital innovation.

Responding to the new opportunities and corresponding challenges of the mobile economy, the RegTech Principles for Innovation champion the use of regulation technology (RegTech) to open up digital innovations in financial services to more users, while reducing the risk to business from identity theft, fraud and money laundering. With the ability to convert complex regulation into simple code and provide a trusted digital identity for online users, RegTech enables businesses to easily comply with their regulatory requirements even as volumes of users scale. It could be instrumental in extending financial services to the 2 billion un- or under-banked worldwide, as well as reducing the $1.9 trillion in regulatory costs that businesses in the US pay each year.

A leading proponent of RegTech, Onfido was founded in 2012 by three new graduates from Oxford University. Since then, the company has experienced rapid growth, receiving over $30 million in funding, and now offers its Machine Learning-based Know Your Customer (KYC) and Anti-Money Laundering (AML) solution to financial services around the world.

The Regtech Principles for Innovation were launched following recent proposals to repeal the 2010 Dodd-Frank Act, and the surrounding speculation over its continued role of regulation in financial services. Rather than deregulate the industry entirely, the Regtech Principles for Innovation propose using available technological solutions to refine its application to new, digital environments.

Husayn Kassai, CEO at Onfido, said: “We believe that RegTech – and these Principles for Innovation in particular – are the key to building relationships of trust between regulators, businesses and consumers. While RegTech has seen strong uptake in some sectors of financial services, others have been slow to innovate and will struggle to stay competitive as regulation increases. With RegTech, businesses can take advantage of the opportunity available to them whilst complying with the regulation that protects their consumers – it’s a win-win that could be enormously beneficial for our economy at large”.

You can read the Regtech Principles for Innovation in full here

About Onfido
Onfido delivers next-generation identity verification and background checks, helping businesses verify that their applicants are who they claim to be, and run adverse history searches such as Criminal and Anti-Money Laundering checks. Through intelligent automation and a machine-learning powered identity document check, Onfido’s solution helps businesses onboard more customers, reduce risk and cut costs. Onfido works with over 1,000 clients globally ranging from banks onboarding customers to sharing and on-demand companies onboarding users, including, JustGiving, Monzo Bank, JetSmarter and Couchsurfing.

Have any Question or Comment?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Twitter @TechRecur

…… ……. … …

……… …. …….



For the 2012 MLB period, we found an totals forecast Joao’s Renowned Over/Under João Zorro Gonçalves, Zcode Totals Pro, System of the time with progressions that have been successful over 98 98% ... We eventually perfected our over/under program ( Zcodesystemexclusive ), although it h-AS has brought years of investigation. Five Steps to Making a Winning MLB Method: 1. Execute appropriate cash management tools. 2. MLB rules that are comprehend. 3.Extensive testing back to make sure successful longterm results ...


There is always a challenge when you're dealing with the Foreign Exchange Market. That's just the nature of the beast. The best thing you can do is to learn about how the market operates as a whole so that you will be ready to meet these challenges. iq option penipu Never be misled by any profit gains in binary options. This is the number-one way traders end up losing their money and ultimately failing. Remember that the same things that make you laugh can make you cry in this market, and you can lose that $700.


Learning Polish has never been this fun and easy as with our podcasts Learn Polish with Polishpod101 Start today and become conversational in Polish in no time


The Best Website Agen Poker Resmi Terpercaya come join
Do you need edmonton phone systems service ? Call complete communications today!

……… ……… .

High-tech solutions for easy start-up of your IPTV/OTT-business