Hata is Malaysia’s first and only dual-licensed crypto exchange, regulated by both the Securities Commission Malaysia and the Labuan Financial Services Authority. As a Recognized Market Operator (RMO), Hata meets strict AML and KYC protocols, investor protection, and transparency requirements.

The platform provides a secure environment for users to explore cryptocurrency, offering key features such as Instant Buy & Sell and the Hata Exchange.

The Challenge

Before integrating Sumsub, Hata’s verification process was entirely manual. This approach resulted in lengthy timelines for onboarding customers and created complex, inefficient workflows for the company’s compliance team.

To streamline the process and improve onboarding speed, Hata sought a solution that could automate verifications while meeting key criteria, such as pricing, ease of integration, and support for a wide range of countries and document types.

Why Sumsub?

The company chose Sumsub for several reasons:

• Ease of integration: Sumsub’s seamless integration with Hata’s systems minimizes the need for extra technical resources, reducing time-to-market and enhancing operational efficiency.
• User-friendly dashboard: Sumsub’s dashboard gives Hata’s compliance team full control over the onboarding process with real-time insights and automated reporting, allowing them to make decisions faster.
• Customization: Sumsub’s ability to create tailored onboarding flows for different user levels allowed Hata to implement a bespoke verification process that perfectly fit their needs.
• Flexible billing plans: Sumsub’s adaptable pricing allows Hata to stay compliant with regulations while keeping costs within budget.

David Low

CEO at Hata

Beyond other benefits, Sumsub has also provided a lot of resources and industry insights via their customer service teams as well as the webinars hosted in the Travel Rule Course.

The Solution

Now, the onboarding process is fully automated and customized for each potential customer based on factors such as nationality, residency status, and intended trading volumes.

The company uses the following solutions:

• ID Verification
• Ongoing ID Verification
• Automated Data Extraction
• AML Screening
• Travel Rule

David Low

CEO at Hata

Even as the number of checks increase by the month, we have not seen any decreasing performance. As Hata continues to grow, we are confident that Sumsub can help manage large volumes of users without a bottleneck in the verification process.

Implementation

Integrating Sumsub via SDK was simple and took around 3 weeks from start to finish.

The Results

Since integrating Sumsub, Hata has seen impressive improvements: 

• The entire user journey, from signing up to full account access, takes up to 5 minutes, with verification completed in just 0.27 seconds
• Monthly checks have increased, with pass rate now over 96% 
• Trading volume has grown significantly, resulting in a 30x boost in revenue

David Low

CEO at Hata

Thanks to Sumsub, we were able to onboard a large number of users quickly and efficiently, driving exponential growth in our trading volume to millions of dollars. This surge in activity also resulted in a massive boost to Hata’s revenue, growing over 30x.

Additionally, Hata benefits from Sumsub’s ability to detect high-risk individuals, fraudsters, and PEPs during onboarding. Sumsub ensures Hata remains fully compliant with strict regional regulations, which is essential for a regulated digital asset exchange.

Future Plans

As Hata expands its presence in regional and global markets, Sumsub will continue to be a key partner in scaling operations and onboarding new users. With Malaysia’s evolving regulatory landscape, Sumsub’s advanced compliance solutions help Hata stay ahead of changes and maintain full regulatory compliance, allowing the company to focus on secure, compliant growth.