The Singapore-based company that handles cross-border payments, Thunes, has purchased $20 million of the majority stake in the local anti-money laundering and compliance firm, Tookitaki.
The addition of Tookitaki to Thunes, the global network, is a solution to a requirement for financial institutions and fintech to incorporate the automated, simplified process of compliance within their payment processing.
Thunes Buys Majority Part of AML Firm Tookitaki
Thunes’ customers include digital money transfer companies Moneygram, Western Union and Remitly and Neobank Revolut, and fintech as mobile wallets Paypal, Singtel Dash, M-PESA, and Airtel. The company records more than 180 million transactions per year.
Peter De Caluwe, the CEO of Thunes, says: “This alliance will give all customers access to the latest technology compliance systems that will reduce the cost of moving funds across boundaries. We’ve already found several ways for us to grow faster and increase the value we can offer our clients.”
Singapore-based Tookitaki is a Singapore-based company that applies machine learning to spot financial crimes was established in November 2014 and employs over 100 workers all over Asia, Europe and the US. The company says its association with will allow it to expand its reach in the key Apac markets, including the Middle East, Europe, and the Americas.
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