IBM Bluemix Garage has unveiled that Singapore FinTech startup KYCK! is to use its blockchain in a project to fast-track the know-your-customer (KYC) on-boarding process in financial organizations, according to a report from Yahoo!.
It is hoped that by using the blockchain technology banks will be in a better position to enhance operations for on-boarding customers, reducing the time and expense that is normally required.
By utilizing the Hyperledger Project Fabric, IBM Bluemix Garage in Singapore will work to create and test the solution, which is to be built on the Hyperledger Fabric. The startup is aiming to provide a platform for brokerages that delivers a secure way of on-boarding new customers such as through improved identification validation.
Once the verification has been processed, KYCK! will then input the information into third-party KYCK! systems or bank-based checks before account on-boarding.
According to Darryl Tan, co-founder of KYCK!, the startup is lucky to have found a partner in IBM that has the right attributes it was looking for to allow the company to bring their ideas to life in financial institutions.
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.
Singapore is keen to demonstrate that it is the number one country to be in for the blockchain and FinTech sectors.
In July, IBM announced that it was set to open the first Centre for Blockchain Innovation in Singapore to attract more technical talent from the country. Over the next three years the Centre is hoping to bring several technology pilots within the trade and finance industries.
Earlier this year, the Singapore banking society, the United Overseas Bank (UOB) launched its accelerator program, FinLab in August, focusing on technology solutions for the financial sector and smart contracts with nine startups taking part. Through funding and mentorship from the UOB, the startups are hoping their companies will stand out from the crowd.
Not only that, but with the Winklevoss twins expanding their bitcoin and ether exchange, Gemini, to Hong Kong and Singapore, the Indian government and Singapore’s Central Bank partnering up over blockchain and FinTech, and the Oversea-Chinese Banking Corporation (OCBC) claiming the first regional use of blockchain technology for remittance, Singapore is certainly portraying itself as a country to be for FinTech and blockchain innovation.
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