Kyte Broking adopts WhatsApp and Telegram for e-comms
“The partnership with LeapXpert and SteelEye has transformed our client communications and improved the efficiency of our communication processes.”
Kyte Broking Limited has announced the adoption of WhatsApp and Telegram for client communication.
The prominent Futures and Options broker was able to enable WhatsApp and Telegram e-comms via collaboration with LeapXpert and SteelEye, which ensure compliance with global regulatory standards.
The implementation involves the use of the Leap Work application for WhatsApp, allowing advanced monitoring and an enhanced client experience, while Telegram communications are conducted through its native application. This setup accommodates both corporate and personal devices, with flexibility for integrating additional channels in the future.
“Upholding the highest standards of compliance”
The joint solution provided by LeapXpert and SteelEye now enables Kyte Broking to capture, archive, and monitor communications effectively across these platforms, aligning with regulations enforced by the FCA, SEC, among others.
Joergen Jaehnig, Deputy Head of Compliance at Kyte Broking, said: “At Kyte Broking, we are committed to delivering exceptional service to our clients while upholding the highest standards of compliance. The partnership with LeapXpert and SteelEye has transformed our client communications and improved the efficiency of our communication processes.”
Avi Pardo, Co-founder and CBO of LeapXpert, commented: “I’m thrilled to see the positive fruit of our partnership with SteelEye and the value it has already brought Kyte Broking. We have witnessed increasing demand for our solutions in both regulated and non-regulated markets in the past year, with a particularly significant surge among global energy and commodity trading firms, all eager to adopt modern channels in a governed and compliant manner. We’re dedicated to working with each firm to provide responsible business communications solutions.”
Matt Smith, CEO of SteelEye, added: “Enabling firms like Kyte Broking to better serve their clients while maintaining the highest standards of compliance is fundamental to what we do. This is a great example of how technology can enable financial firms to comply with regulation while still operating competitively and providing excellent customer service.”
Unregulated use of e-comms cost Wall Street over $2 billion
Last year, Morgan Stanley was fined up to $1 million for having its employees utilize messaging platforms such as WhatsApp for company business without proper controls. The amounts were determined by factors such as the number of messages sent, seniority, and whether the employees had already received warnings.
SteelEye’s chief executive issued a statement, raising awareness of financial firms’ need to monitor digital communications channels and increased capabilities from the Securities and Exchange Commission to detect failures.
“The financial services industry faces mounting pressures from regulators, with the crackdown on the unregulated use of e-comms across Wall Street amounting to $2 billion. Morgan Stanley alone faced $200 million in fines due to the lack of regulation of online messaging platforms.”
