Regtech scores deal with US bank

Sydney and Ireland based regtech Kyckr has signed a five-year data licensee agreement with a US bank, under which the bank will have access to 200 regulated primary sources of corporate intelligence across 120 territories.

The un-named bank will be able to use Kyckr's data on company registry information on about 80 million businesses globally for its personal banking products and services.

Bank of Ireland currently uses Kyckr data to meet KYC/AML regulatory obligationss and to maintain customer relationships throughout their lifecycle including on-boarding, due diligence and engagement.

Kyckr chairman Benny Higgins said the regtech collaborated closely with the US bank on the deal.

"We have been working with this client for some time ahead of reaching this agreement...Kyckr will enable a further strengthening of the effectiveness and efficiency of this firm's corporate KYC," Higgins said.

Higgins was appointed as the executive chairman of Kyckr in March.

Higgins will remain in the role for a period of up to six months, while Kyckr finalises the appointment of a European-based chief executive from a shortlist of global executives.

Once a new CEO is appointed, Higgings will remain on the board as non-executive chair.

Prior to joining Kyckr, Higgins was the chief executive of the bank run by supermarket giant Tesco.

The ASX-listed regtech reported revenue of $480,000 for the March quarter, an increase of 6% over previous quarter.

It also extended its data capabilities to countries including Russia and China.

The management is advancing commercial discussions with several large enterprise customers, in an attempt to raise its profile, it said last month.

Read more: KyckrRegtechBenny Higgins
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