IBM has started a blockchain project with Singapore fintech startup KYCK! to help financial services providers address Know Your Customer (KYC) challenges.
KYCK! will use IBM Blockchain and Bluemix to improve the customer onboarding process in financial services companies as it requires stringent financial compliance.
KYCK! provides users information regarding the Southeast Asia Exchanges while giving access to brokerage demo accounts with easy on-boarding opportunities.
KYCK! plans to use IBM Blockchain and Bluemix to provide brokerages a platform with video conferencing and encrypted document submission capabilities for the secure on-boarding of new customers.
The new technology, IBM Bluemix Garage has been developed in collaboration with KYCK!, and will be built on the open source Hyperledger Project Fabric.
It will provide better identification validation through a trusted blockchain based business network that will potentially include banking and governmental entities.
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After the verification process is completed, KYCK! will enter the customer’s information into current bank-based checks or third-party KYCK! systems before account on-boarding.
As the new technology is based on Hypeledger Project Fabric, it comes with immutability, traceability and privacy of information, provided through permissioned distributed ledger, a critical process in a highly regulated environment.
KYCK! co-founder Darryl Tan said: “We were fortunate to have found a partner in IBM with the right capabilities to enable us to apply our financial industry know-how and bring our ideas to life.
“Working with the IBM Bluemix Garage, we have seen how blockchain can improve operational efficiency, increase transparency and reduce transaction risks.
“We hope that financial institutions will see an improvement in their current customer on-boarding processes and the overall customer experience.”
According to IBM, the blockchain based solution shall be secured by its High Security Business Network (HSBN) delivered via its cloud platform, Bluemix. Due to high level security, KYCK! can handle sensitive data, while being protected against unauthorised access and tampering.
IBM Blockchain & Bluemix Garage, ASEAN Practice Lead Alan Lim said: “The application of blockchain is showing great promise across a broad range of business applications. It is a technology that establishes accountability and transparency while streamlining business processes.
“Since we launched an IBM Bluemix Garage focused on blockchain in Singapore this year, we have seen more and more startups and entrepreneurs come through our doors with a curiosity and passion for how they can apply blockchain as a competitive differentiator.
“We have the privilege of working with the start-up community and the wider ecosystem to realize some of these ideas, and we are excited to see the impact of their work in their community and industry.”
