iSignthis Ltd, a company known in the regtech space for providing identity verification and payment services, has announced the extension of its service to XM.com, which will enable the latter to conduct eKYC processes across the Chinese market.
The Paydentity solution had previously only been available for implementation in the European and UK markets. iSignthis has now incorporated China into its list of countries for operation of the eKYC service. XM.com has been benefiting from the service since the beginning of this month.
iSignthis Ltd. is cross-listed on the Australian Securities Exchange as well as the Frankfurt Stock Exchange. The company’s offering of KYC identification services for the Chinese market to XM.com will be classified as a stand alone service, easing the process of client identification.
As part of the service, the company is assisting XM.com in meeting its obligations regarding Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) throughout the Chinese, UK, and EU markets. The identification of clients in these regions is being conducted by iSignthis Ltd through its Paydentity service, and across various XM trading entities.
XM.com is not the first company to take on the service of iSignthis. Last year, widely known FX and CFD broker Pepperstone partnered with iSignthis, with the exact same purpose of implementing the company’s Paydentity service, to increase efficiency and improve the KYC process.
Meanwhile, as XM.com continues to look toward the future, the Paydentity service will surely assist in the KYC process, allowing XM.com to ensure that it meets its regulatory obligations.
XM.com has been working to adjust to changing global conditions in the financial industry. The company already launched trading on Bitcoin CFDs in September of last year, ahead of many other brokers.
In an announcement that took place in July of 2017, the company also added access to the MetaTrader 5 trading platform, as well as launching CFDs on single stocks.