Uphold (VASP)
Benefits of Our Transformation
Providing independent assessment of transaction monitoring and alert handling system for VASP regulatory compliance and approval.
About Uphold
Uphold is a Virtual Asset Service Provider (VASP) operating across Southeast Asia, offering financial products that bridge traditional and digital asset ecosystems. As the business expanded, Uphold faced the complex challenge of demonstrating that its compliance framework — particularly its transaction monitoring and alert-handling systems — met regulatory standards. To secure its operating licence, the company needed an independent review of its systems to ensure they were aligned with market best practices and could stand up to regulatory scrutiny.
Results That
Matter
Improved
Monitoring Effectiveness
Secured
Regulatory Licence
Optimised
Alert Handling
Achieved
Compliance Alignment
The Opportunity
Uphold’s leadership recognised the need for external validation to strengthen confidence among regulators and internal stakeholders. The main objectives were to ensure that the transaction monitoring system was both technically sound and compliant with evolving regulatory expectations. The project aimed to prove the system’s fitness for purpose, validate its alert-handling accuracy, and gain independent assurance that the platform operated in accordance with global anti-money-laundering (AML) and financial-crime standards.
Solutions Delivered
Beyond was engaged to conduct a comprehensive independent review and optimisation of Uphold’s compliance systems, focusing on regulatory readiness and operational performance.
- Investigation of Customer Segmentation Models: Assessed and refined customer segmentation and alert thresholds to ensure alignment with regulatory best practice and risk-based frameworks.
Comprehensive Review of Alert Handling Processes: Evaluated how effectively the system detected and escalated suspicious transactions, identifying opportunities to streamline and strengthen procedures.
Recommendations and Roadmap: Produced a detailed report outlining required improvements, providing a clear roadmap that was shared directly with regulatory bodies to support Uphold’s licensing application.
Results & Impact
The engagement delivered immediate and measurable improvements in the effectiveness and efficiency of Uphold’s compliance operations.
- Improved System Performance: The transaction monitoring system was enhanced to ensure optimal functioning and full regulatory alignment.
- Independent Assurance: Beyond’s review confirmed that Uphold’s compliance framework met market and regulatory expectations, providing critical assurance for both internal governance and external approval.
- Regulatory Licence Secured: Following the implementation of Beyond’s recommendations, Uphold successfully obtained its regulatory licence — enabling the business to expand operations confidently and pursue growth while maintaining a strong compliance foundation.
Lesson Learned
Uphold’s experience shows how independent evaluation can accelerate regulatory approval and enhance long-term business sustainability. By combining data-driven analysis with regulatory expertise, the company strengthened both operational efficiency and compliance confidence. The case demonstrated that in fast-evolving financial sectors, proactive optimisation - not just compliance - is key to building credibility and unlocking future growth.
