Why are Kyckr (ASX:KYK) shares flying high today?

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Summary

  • Kyckr Limited has collaborated with BAE Systems to tackle anti-money laundering and compliance challenges of regulated firms.
  • Through the partnership, the customers of both the Companies would benefit from KYK’s network of more than 180 registries & 170 million units around 120 nations.

Kyckr Limited (ASX:KYK) has joined its hand with BAE Systems Applied Intelligence to address anti-money laundering (AML) and compliance challenges of regulated firms and offer precise and efficient KYC and customer due diligence solutions.

Following the announcement, KYK shares surged on the ASX and were trading 18.965% higher at A$0.069 (at AEDT 2:31 PM). The Company’s market capitalisation stands at A$19.94 million.

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About the two Partners

Kyckr is a B2B information services company that collects, arranges, and constructs the primary source of the Company data to assist businesses to lessen the risk linked with counterparty relations. The data provided by the Company are accurate with trustworthy, legally-authoritative source. Thus, it eliminates the significant regulatory and commercial costs of the businesses using an inferior quality data. Further, the solutions offered by 5GN support firms to be successful against fraud, money laundering and financial crime.

BAE Systems Applied Intelligence is enterprise solution provider of advanced analytics. Through this partnership, the customers of both the businesses would be able to get benefited from the KYK’s network of more than 180 registries along with 170 million entities across 120 nations.

Advantages of the partnership

The deal between both the parties proves the increasing demand for KYK’s abilities & services providing real-time admittance to company registry information as regulations have an improved demand for trustworthy, updated KYC details.

KYC business has huge scope in the coming years. According to market estimates, by 2026, the market is projected to cross US$ 1 billion mark.

KYK’s Outlook

In 1H FY2021 results, the Company highlighted that in the upcoming period, the focus would be on generation of Annual Recurring Revenue through securing new enterprise clients. It would also aim that its active customers shifting their contractual agreements to minimum annual commitments and generate revenue from new business generated by the expanding network of partners.

ALSO READ: Kyckr (ASX:KYK) reports 27% growth in Q2 FY21 recurring revenue, shares up marginally

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