Sektor has inked a distribution deal with cryptocurrency intelligence provider CipherTrace in a move aimed at helping the vendor expand access to its solutions for anti-money laundering, financial investigations and virtual asset risk mitigations throughout Asia Pacific.
The deal sees the distributor, which has offices across the region, including New Zealand, Australia, Thailand, Malaysia and Vietnam, expand its product portfolio to include CipherTrace's Investigate Suite and its Armada risk-scoring service, which banks use to trace cryptocurrency transaction flows across their payment networks and ensure compliance with sanctions.
"I have had great success working with Sektor in the past, and look forward to repeated rapid growth in the regions as the partnership expands our global footprint,” CipherTrace CEO Dave Jevans said.
“The partnership will enable Sektor to market CipherTrace solutions to banks, VASPs [Virtual Asset Service Providers], financial investigative units, and regulators so they can monitor and mitigate virtual asset-related risks.”
Kendra Ross, general manager of Duo, the security division of Sektor, said the company was genuinely excited to be working with the founders and team at CipherTrace in the APAC region.
“This the third time we have represented this dream team with a solution they have invented,” Ross said. “They solve a growing problem in a clever way that very few others can, then lead the market with the best product and people.
"Just as cyber-attacks and crime is escalating, the bad actors are increasingly using crypto currency to hide behind and CipherTrace gives our customers the tools to peel back those layers and identify risk as well as criminal behaviour,” she added.
The deal comes as cryptocurrency usage throughout the APAC region grows, along with cryptocurrency crimes, the companies said.
In June, Sektor moved to further build out its presence across Asia Pacific with the opening of its Vietnam distribution operations as part of its new partnership agreement with Zebra Technologies in the country.