Victor Fredung on why Cyprus has become a pivotal hub for achieving Shufti Pro's goals
14:00 - 20 November 2023
Shufti Pro executive Victor Fredung recently talked to CBN about the company’s evolving products and services and how establishing a presence in Cyprus has had a positive impact on Shufti Pro’s plans to expand its global operations.
Can you tell us more about the idea behind the formation of Shufti Pro in 2017?
In 2017, the idea behind the formation of Shufti Pro stemmed from the need for a more efficient and accurate solution in the field of Know Your Customer (KYC) services. At that time, traditional ID verification methods heavily relied on manual processes, resulting in lengthy verification times that could take days or even weeks. Unfortunately, the outcomes of these manual processes were often inaccurate and vulnerable to exploitation through spoofing methods, leading to a surge in ID scams.
Simultaneously, the world was witnessing a rapid adoption of artificial intelligence (AI) and machine learning across various industries. These technologies promised faster, more efficient, and highly accurate results in various business operations. It was in this context that we had a visionary idea: why not leverage the power of AI and ML to transform the KYC verification process? By doing so, we could drastically reduce the authentication time from weeks to minutes, minimize human error, and enhance overall efficiency.
This visionary concept laid the foundation for Shufti Pro. Our goal was to revolutionize the traditional manual KYC process by introducing an AI-powered solution. Shufti Pro offers the fastest and most accurate results, with the added benefit of global configuration options and easy integration solutions for developers. As a result, we now deliver over 98% accurate results, helping businesses adhere to global KYC/AML regulations. Our drag-and-drop integration method simplifies the process for our clients and their teams, making it one of the easiest and most effective solutions available in the market.
Having first begun operations with identity verification, your company now offers various services to various sectors. Can you tell us more about them?
Due to the changes in the identity verification landscape, changes in the demand of our clients, and digital evolution in our targeted industries led us to offer more than just IDV services. Today we offer a complete suite of KYC, KYB, AML screening, facial-bio verification, risk assessment, address verification, and 2FA.
Eventually, we introduced a KYB solution allowing businesses to verify the authenticity of their B2B clients, a complete suite of KYC for seamless and secured user onboarding, and an AML screening solution to spot shell companies and foster a risk-free business environment.
Last year, in 2022, we launched a risk assessment service to safeguard businesses against financial crimes. The solution enables businesses to scan entities against official government databases for high-risk associated activity.
Moreover, we recently launched e-IDV, becoming one of the few providers to utilise government-issued e-IDs for KYC verification and offering major coverage in it. It eliminates all kinds of ID spoof attempts, improving the authentication time to seconds and making the digital world more secure than ever. We foresee further developments as the company grows to enable businesses to overcome the evolving tactics of modern scammers.
Shufti Pro is based in the UK and you have offices in Cyprus and other locations worldwide. You have expanded your services to hundreds of countries over the past six years. Can you tell us more about the clients and sectors using Shufti Pro’s products and services?
Yes, we have seven offices around the globe, including UAE, Singapore, USA, and Sweden, and we’re operational in 240+ countries and territories. Recently, we opened our office in Cyprus in Limassol city to expand our reach in Mediterranean countries.
Shufti Pro clients are from various industries, including Fintech, Healthcare, Insurance, Gaming, E-commerce, Real estate, Finance, Crypto, and more, that require verifying the identity of their customers.
We provide SMEs and large-scale enterprises with KYC, AML screening solutions, and KYB solutions, enabling them to verify their clients before they onboard, making them comply with global regulatory requirements, and fighting identity fraud and financial crimes.
Can you tell us more about your experiences with doing business in Cyprus, through having offices on the island and providing services to entities here?
Establishing an office in Cyprus has proven to be a strategic decision for Shufti Pro. Our objective was to expand our global operations, engage with clients and partners in the Middle East region, and access opportunities in Mediterranean countries. Cyprus, due to its ideal geographical location, has become a pivotal hub for achieving these goals.
Cyprus serves as a central gateway connecting us to a variety of Mediterranean countries, including France, Egypt, Turkey, Greece, Italy, and Spain. This advantageous location has facilitated our ability to extend our services effectively to entities in the Mediterranean region, and it has made us more accessible to clients and partners in these countries.
Moreover, Cyprus regularly hosts significant business events and conferences, making it a focal point for networking and collaboration in the Middle East. By establishing a presence in Cyprus, we have positioned ourselves to engage with targeted companies and investors more easily, fostering seamless collaborations and business relationships in the region. This strategic move has contributed to the expansion of our global reach and impact.
Can you reveal any of the company’s upcoming new product and service plans? Will there be any Cyprus-centred developments?
Earlier this year, we introduced the e-IDV service and are actively working on further enhancements and innovations. Additionally, we're in the process of developing a next-generation IDV approach that authenticates users or entities without relying on a centralized organizational database. While this method is currently in development, we plan to launch this solution in the near future. Moreover, we are actively involved in expanding our services, collaborations, and operations in Cyprus, the Middle East, and Mediterranean countries