VerifyVASP and Bonanza Factory Announce Strategic Partnership to Deliver Digital Asset Compliance Infrastructure for Financial Institutions in Korea
· Official partnership established to deliver digital asset compliance infrastructure for financial institutions
· Combining VerifyVASP's global Travel Rule network with Bonanza Factory's compliance technology and operational expertise tailored for Korean financial institutions
· Expanding the partnership to support stablecoins, digital asset transfers, and payment infrastructure
Bonanza Factory, a South Korea-based provider of digital asset AML and Know Your Transaction (KYT) solutions, and VerifyVASP, a global Travel Rule solution provider, have expanded their strategic partnership and entered into an agreement to deliver digital asset compliance infrastructure for financial institutions in South Korea.
The partnership was established to address the growing compliance needs of financial institutions as digital assets, including stablecoins and tokenized securities, become increasingly integrated into the regulated financial system.
Building on an existing strategic relationship, the two companies have worked closely to explore a range of collaboration opportunities. Through this agreement, they have formalized the scope of technology integration, commercial terms, and customer protection framework, establishing the foundation for deeper technical integration and joint business development.
Under the partnership, Bonanza Factory will serve as VerifyVASP's official partner in South Korea, delivering VerifyVASP's global Travel Rule and identity verification services in a manner tailored to the regulatory, information security, internal control, and network requirements of Korean financial institutions.
VerifyVASP provides a global network connecting financial institutions and virtual asset service providers (VASPs), together with industry-leading Travel Rule and identity verification solutions. Bonanza Factory will be responsible for solution design, implementation, and managed integration services tailored to the compliance and security requirements of Korean financial institutions. The companies also plan to integrate VerifyVASP's Travel Rule solution into Bonanza Factory's TranSight Institutional Compliance Gateway, enabling institutions to perform pre-transaction risk screening, Travel Rule information exchange, counterparty verification, and wallet ownership verification through a single platform.
The integrated solution will enable Korean financial institutions to efficiently establish the compliance infrastructure required to support digital asset and stablecoin initiatives. The two companies also plan to expand their collaboration beyond compliance to support digital asset transfer and payment infrastructure connecting Korean financial institutions with global financial institutions and VASPs.
Kim Young-seok, Chief Executive Officer of Bonanza Factory, said:
“Our longstanding strategic relationship with VerifyVASP has evolved into a formal partnership with clearly defined technology integration and commercial frameworks. Together, we will help Korean financial institutions implement robust Travel Rule and digital asset compliance capabilities while meeting stringent regulatory, security, and governance requirements.”
Shih Yun Chia, Chief Executive Officer of VerifyVASP, said:
“Korea is recognized for its world-class financial security capabilities and sophisticated regulatory framework. This partnership will make it easier for Korean financial institutions to join the globally adopted VerifyVASP network and securely connect with overseas financial institutions and digital asset service providers.”
About VerifyVASP
VerifyVASP Pte. Ltd., a subsidiary of Upbit Global Pte. Ltd., is a leading Travel Rule solution provider delivering secure, scalable compliance infrastructure for virtual asset service providers (VASPs) worldwide. VerifyVASP offers an end-to-end compliance suite encompassing counterparty due diligence, interoperable messaging protocols, on-chain risk analytics, and advisory on Travel Rule and data protection requirements. Extending beyond compliance, VerifyVASP provides advanced solutions for global law enforcement agencies, enabling the prevention, detection, and investigation of illicit activities involving digital assets.
About Bonanza Factory
Bonanza Factory is a South Korea-based RegTech company specialising in digital asset AML, Know Your Transaction (KYT), and compliance solutions for financial institutions. Through its proprietary TranSight platform, the company provides on-chain risk analytics, KYT, high-risk wallet monitoring, transaction tracing, and investigative support to financial institutions, virtual asset service providers (VASPs), and law enforcement agencies (LEAs). The company also offers a digital asset compliance gateway that integrates key regulatory services, including Travel Rule compliance, on-chain risk analysis, and wallet verification, enabling financial institutions to manage digital asset compliance through a single platform. In addition, Bonanza Factory operates the IAAN (Institutional Alliance AML Network) Protocol, a proprietary network that enables secure information sharing and asset-freeze requests between LEAs and VASPs worldwide, supporting cross-border cooperation in combating financial crime. Through collaboration with global partners, Bonanza Factory is helping to build secure, trusted, and compliant infrastructure for the global digital asset ecosystem.
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