Bonanza Factory, VerifyVASP Sign Digital-Asset Compliance Infrastructure Partnership for Financial Institutions

Bonanza Factory, a digital-asset compliance company, said Aug. 3 that it had signed a partnership with global travel rule solutions provider VerifyVASP to build digital-asset compliance infrastructure for South Korean financial institutions.

The agreement comes as demand grows among financial institutions for digital-asset regulatory compliance and internal controls, driven by stablecoins and tokenized securities.

The partnership is designed to define the scope of technology integration, business terms and customer protection systems. It also sets a foundation for practical technology integration and expanded joint business.

Under the agreement, Bonanza Factory will tailor VerifyVASP's global travel rule and identity verification services to the regulatory, data-protection and internal-control environment of South Korean financial institutions. It also plans to integrate VerifyVASP's travel rule solution into Bonanza Factory's Transight Institutional Compliance Gateway.

The companies aim to enable financial institutions to handle pre-transaction risk analysis, travel rule information exchange, counterparty verification and wallet ownership checks through a single infrastructure.

They also plan to expand the partnership into digital-asset remittance and payments infrastructure connecting South Korean financial institutions with global digital-asset service providers and financial institutions.

Kim Young-seok, CEO of Bonanza Factory, said the agreement advanced the companies' strategic partnership by specifying the scope of technology integration and business terms. He added that the company would support South Korean financial institutions in building stable travel rule and digital-asset compliance systems while meeting complex regulatory and data-protection requirements.