SBC News Voice of the Sports Betting Industry
In an industry where regulations are changing constantly, it’s incredibly important that betting and gaming companies remain ahead of the game when it comes to compliance. This is where KYCAID comes in.
After partnering with JKR Investment Group back in February, KYCAID is making significant headway in its plans to lead the RegTech revolution with new identity verification technologies.
Mykola Mashkovskyi, CEO of KYCAID, spoke with SBC News about the role that innovations such as biometrics and artificial intelligence can play in streamlining the player verification process before walking us through some of the changes taking place in the compliance sector.
SBC: Thanks for taking the time to chat with us! So, to begin with, can you tell us about KYCAID?
MM: KYCAID is a leading company specializing in advanced identity verification solutions. Our cutting-edge technology and expertise help businesses of all sizes establish trust, enhance security, and streamline their operations.
Focusing on providing seamless customer experiences, KYCAID revolutionizes how companies verify and authenticate identities, ensuring compliance with regulatory requirements and mitigating fraud risks.
SBC: How is KYCAID disrupting the RegTech space?
MM: KYCAID is disrupting the RegTech space by offering a comprehensive suite of identity verification solutions that combine advanced technology and regulatory expertise to streamline compliance processes. With our AI-powered solutions and global data sources, we help businesses comply with regulatory requirements while minimizing friction for customers.
We strive to make the verification process as easy, fast, and secure as possible for everyone. Therefore, our average automatic verification time is approximately 10 seconds. And the manager’s work does not take more than 15 minutes.
Our user-friendly platform and flexible deployment options also enable companies to scale quickly and easily, staying ahead of the curve in an ever-evolving regulatory landscape.
Plus, we believe in transparency in the business work environment and that is why we work on the pay-as-you-go payment system, and on our website, there are always actual prices with a price estimator.
SBC: How will your partnership with JKR help scale KYCAID’s global operations? And are there any particular markets that you are looking to expand your presence?
MM: Currently we are focusing on Latin America and African markets and have first successful cases with operators in Brazil and South Africa and continue to actively offer our services there. These markets require custom solutions and very flexible service, and we are strong at this.
SBC: Tell us about your plans to enhance KYCAID’s in-house AI technology. What will this entail? What role can AI play in KYC verification and compliance?
MM: At KYCAID, we have ambitious plans to enhance our in-house AI technology to further revolutionize KYC verification and compliance. This entails leveraging machine learning algorithms to continuously improve the accuracy and efficiency of our identity verification processes. We focused on developing in-house Face tech solutions for all types of biometric verification, and extensive AI for document recognition to cover many different regions and document types.
By harnessing AI, we can analyze vast amounts of data, detect patterns, and enhance risk assessment capabilities, enabling us to identify and prevent fraudulent activities more effectively.
Additionally, AI empowers us to automate repetitive tasks, reduce manual errors, and swiftly adapt to evolving compliance regulations. This ensures faster onboarding, smoother customer experiences, and enhanced compliance measures, ultimately strengthening trust and security for our clients.
Additionally, KYCAID’s AI technology for face recognition and matching has the potential to become even more advanced and accurate. With ongoing advancements in computer vision and deep learning, the system can continually improve its ability to detect and verify faces, even in challenging scenarios. This could involve refining the liveness check to prevent spoofing attempts and exploring new techniques such as 3D facial recognition for enhanced security.
As AI technology progresses, KYCAID can leverage these advancements to provide users with faster, more reliable, and seamless identity verification experiences.
SBC: What are your predictions for the RegTech industry in 2023? And what role does KYCAID play in the development of this sector?
MM: In 2023, we foresee the RegTech industry experiencing significant growth and evolution. The global RegTech market has already exceeded $8bn and is growing double digits annually due to increasing regulatory pressure and is expected to triple by 2029.
Overall, as regulatory requirements become more complex, businesses will increasingly rely on technology-driven solutions to ensure compliance and mitigate risks. KYCAID is at the forefront of this development, playing a crucial role in shaping the sector. With our innovative identity verification solutions, we are empowering businesses to navigate the regulatory landscape seamlessly.
We anticipate a continued rise in demand for our advanced AI-powered technology, as KYCAID continues to set new industry standards, drive innovation, and provide reliable and scalable RegTech solutions to clients worldwide. We are actively working on developing our products while scaling to new markets.
