In sub-Saharan Africa, 75% of the population does not have a bank account. Many use mobile apps in lieu of traditional bank accounts. For Africans, transferring cash through a bank or a Money Transfer Operator (MTOs) like Western Union or MoneyGram can be costly. While there is much opportunity in…


Know Your Customer (KYC) and Anti-Money Laundering (AML) costs are enormous and continue to grow. Inclusive of regulatory penalties, banks spend roughly $18 billion on AML compliance and penalties each year.

AML compliance costs and regulatory fines growth 2009 to 2014

The reasons for the high costs include:

Duplicate efforts in client onboarding. When a new client relationship is formed…

Karen Hsu

Blockchain; Machine Learning and analytics

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