Australian fintech is spreading its reach overseas, with ASX-listed regulatory technology (RegTech) provider Kyckr (ASX: KYK) announcing of a collaborative deal with Seldon 2 LLC, a Russian analytics company providing “authoritative corporate information” for its clients.
The deal will see both companies provide real-time access to each other’s analytics content thereby creating multiple synergies across both businesses.
To kick-off their business relationship, the pair have signed a 4-year agreement under which Seldon’s extensive data will be incorporated into Kyckr’s API with a parallel agreement ensuring that ensures Kyckr’s API will be likewise incorporated into Seldon’s data products and services, allowing its global customers to access Kyckr’s comprehensive registry data.
Seldon is a well-established supplier of authoritative corporate information in Russia and the Commonwealth of Independent States (CIS) and hopes to extend its market position by “significantly increasing” its informative and analytical content through Kyckr.
“Seldon is a leader in the provision of company and e-procurement in Russia and the other CIS countries. We are glad to be working closely with Kyckr on the mutual exchange of information, which will significantly increase the informative and analytical content of Seldon’s products and significantly complement Kyckr’s existing data,” said Konstantin Mikhaylenko, Chairman of Seldon 2 LLC.
The company currently operates 17 offices across Russia and the former CIS, and able to source priceless information relating to various companies and individuals in countries such as Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.
These countries have traditionally faced administrative difficulties given the lack of credible information and historical lack of extensive record-keeping required to create valuable databases that can be used to facilitate reliable commercial activity.
According to Kyckr, Seldon’s analytical software is unique in Russia where it is used to simplify and systemise procurement processes, including satisfying KYC obligations.
Under the 4-year agreement, Seldon’s extensive data will be incorporated into Kyckr’s API, thereby facilitating companies to conduct due diligence including completing Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations.
Under the terms of the agreement, Kyckr will be paid a fee on a “per-click” basis at the point of sale when Seldon’s customers purchase reports and other official company filings sourced directly from Kyckr’s platform.
“Finding access to quality Russian and CIS data for KYC and other purposes has proven to be difficult. We have been working with Seldon over the last year to clearly understand each other’s capabilities. We look forward to providing our clients with access to this intelligence and seeing our data provided via Seldon’s products and services,” said Benny Higgins, Executive Chairman of Kyckr.