In parallel with the rapid growth in its user base and the expansion of functionalities in its crypto wallet app XWallet, Pundi X is upgrading its Know-Your-Customer (KYC) mechanism. We are instituting a more rigorous process to achieve a greater compliance with the ever-changing regulatory environment and anti-money laundering laws.

“We are proud to partner with leading global compliance services provider Refinitiv and Singapore-based identity verification experts Real ID in this effort to stay ahead of the regulatory curve by implementing a more robust KYC process for our new version of the XWallet as well as XPASS and the XPOS that they are used in conjunction with,” said Zac Cheah, CEO and co-founder of Pundi X.

The XWallet which is a mobile crypto payment app is the latest iteration of Pundi X’s blockchain payment and exchange systems which began with the widespread deployment of its XPOS (Point-of-Sale) devices in over 25 countries and the XPASS card that allows users to transact with popular cryptocurrencies, such as BTC, ETH, BNB and NPXS.

Streamlined KYC compliance; more secure ID’ing

XWallet will be adopting Refinitiv’s World Check API that enhances regulatory compliance given its high quality of KYC record output.

At the same time, Real ID’s KYC cloud technology will allow Pundi X to perform identity verification that is imbued with artificial intelligence, machine learning and facial recognition techniques.

“The community has always been at the heart of the Pundi X project. An enhanced KYC process is a prudent step to better protect our community’s interests and establish a sustainable business in this space. Our commitment to compliance has never been stronger and hopefully, through our conduct, we are influencing regulatory development in a positive way,” said David Ben Kay, Pundi X Chief Legal Officer.

Towards a healthier blockchain ecosystem

“Governments, in general, are recognizing how the blockchain is delivering on a number of fronts that are highly and widely beneficial, including financial inclusion, the promotion of entrepreneurship, improving healthcare, and the use of smart contracts to address corruption,” added Kay.

“The healthier, more guided, and more compliant an ecosystem is, the better it is for all: consumers, investors, solution providers, and government regulators.”

Current Restrictions

All the users can perform XWallet’s default basic features as normal with or without upgrading their KYC status.

However, for staking and converting for f(x) token, a rigorous KYC process will be imposed.

As greater compliance is demanded by exchanges, banks, insurers, regulatory agencies and KYC providers, a citizen/resident of the following countries excluded from staking and conversion of the f(x) tokens in the XWallet app: Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, Cote d’ Ivoire, Cuba, Democratic Republic of the Congo, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Malaysia, Myanmar, North Korea, Republic of Macedonia, People’s Republic of China, Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, United States, Venezuela, Yemen and Zimbabwe.

About Refinitiv

The former Financial & Risk business division of Thomson Reuters, Refinitiv is now a leading global financial markets data and infrastructure provider serving more than 40,000 institutions across more than 190 countries. Website: https://www.refinitiv.com/en

About Real ID

Real ID is a Singapore tech start-up company that aims to become the region’s most trusted and sophisticated digital identity platform.

Powered by blockchain, facial recognition, artificial intelligence, and machine learning technologies, Real ID’s business eKYC cloud solutions allow fast, simple, and secure digital identity verification for everyday service and corporate onboarding. Website: https://www.realid.global