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New KYC blockchain service to drive fintech efficiencies and counter financial crime

Fintech

New KYC blockchain service to drive fintech efficiencies and counter financial crime

Michelle Zhu Published on Tue, Oct 03, 2017 / 4:10 PM GMT+8

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SINGAPORE (Oct 3): A consortium comprising OCBC Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG) and Infocomm Media Development Authority (IMDA) have completed a proof of concept (PoC) for a new type of Know Your Cutomer (KYC) blockchain service.

The new KYC blockchain technology, which runs on a Distributed Ledger technology (DLT) platform, allows banks to collect, validate and share information in a secured manner with the customer’s consent – as structured information is recorded, accessed and shared across a distributed network on the DLT platform using advanced cryptography.

The result is a vastly reduced need to duplicate information, or to conduct manual checks, for both banks and customers with an enhanced quality of stored customer information.

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New KYC blockchain service to drive fintech efficiencies and counter financial crime

Fintech

New KYC blockchain service to drive fintech efficiencies and counter financial crime

Primary tabs

Error message

New KYC blockchain service to drive fintech efficiencies and counter financial crime

Fintech

New KYC blockchain service to drive fintech efficiencies and counter financial crime

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