The Aug. 3 agreement will adapt travel rule and identity verification tools for South Korean financial institutions, with plans to expand into cross-border digital-asset remittance and payments infrastructure.
Bonanza Factory said it signed a partnership with VerifyVASP to build digital-asset compliance infrastructure for South Korean financial institutions, as banks and other firms face rising demand for controls tied to stablecoins and tokenized securities. The Aug. 3 agreement covers technology integration, business terms and customer protection systems, and is meant to support practical deployment and broader joint business. Bonanza Factory plans to adapt VerifyVASP's travel rule (requirements to share sender and recipient data) and identity verification services to South Korea's regulatory, data-protection and internal-control standards. It also intends to connect VerifyVASP's travel rule service to its Transight Institutional Compliance Gateway so institutions can manage pre-transaction risk analysis, travel rule information exchange, counterparty verification and wallet ownership checks through one infrastructure. The companies said they also plan to extend their cooperation into digital-asset remittance and payments infrastructure linking South Korean financial institutions with global digital-asset service providers and financial institutions. Bonanza Factory CEO Kim Young-seok said the agreement advanced the strategic partnership by defining the scope of technology integration and business terms, adding that the company would help South Korean financial institutions build stable travel rule and digital-asset compliance systems while meeting complex regulatory and data-protection requirements.