During the recent Singapore FinTech Festival, IBM announced a Blockchain project with Singapore fintech startup KYCK! to help enable financial services providers to more rapidly on-board their customers in a secure environment. This and other KYC projects like it using IBM Blockchain can hold the promise to help reduce the time and expense required to onboard a new client.
Requirements that banks and financial institutions comply with Know Your Customer (KYC) requirements is a global challenge. Blockchain holds potential to help address this need to prove the identity of a person or organization, source of funds, business interests, history and also monitor for changes.
Through the application of Blockchain technologies on cloud, banks can streamline operations by adopting a one-time process with secure data protection and enhanced identity verification. Using the open-source Hyperledger Project Fabric, immutability, traceability and privacy of the information is provided on a permissioned distributed ledger which is critical in a highly regulated environment.
Working with the IBM Bluemix Garage in Singapore to design and test the new solution to be built on the Hyperledger Fabric, KYCK! intends to provide brokerages a platform with video conferencing and encrypted document submission capabilities for the secure on-boarding of new customers. The platform also aims to provide enhanced identification validation through a trusted Blockchain based business network that will potentially include banking and governmental entities. Once identity verification is confirmed, KYCK! will enter the customer’s information into current bank-based checks or third-party KYCK! systems before account on-boarding.
The IBM Blockchain based solution will be secured by the IBM High-Security Business network (HSBN) delivered via Bluemix, IBM’s cloud platform. This enables KYCK! to handle sensitive data with additional levels of security that can help protect against unauthorized access and tampering.
KYCK! is a startup, co-founded by three Singaporeans to provide users with information pertaining to the Southeast Asia Exchanges and access to brokerage demo accounts with easy on-boarding opportunities. As former sales traders, the co-founders personally experienced the inefficiencies of the customer on-boarding process due to stringent financial compliance requirements. This gave them the idea of starting a business that focuses on improving the client on-boarding process and enhancing the overall customer experience by deploying secured and appropriate technology capabilities.
“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,” said Darryl Tan, Co-Founder of KYCK!.
“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,” said Alan Lim, Practice Lead, IBM Blockchain & Bluemix Garage, ASEAN.
Blockchain is one of the more than 150 advanced services and APIs available to developers on Bluemix. Bluemix has rapidly grown to become one of the largest open, public cloud deployments in the world. Based on open standards, it features advanced technologies spanning categories of cognitive computing, cloud data analytics, Blockchain and Internet of Things.
The IBM Bluemix Garages serve as hubs for developers, product managers and designers to come together to rapidly design and develop successful applications on Bluemix. With a total of eight Bluemix Garages globally, the Singapore Bluemix Garage is one of the latest to be added to the IBM global network, which includes locations in London, New York, Nice, Melbourne, San Francisco, Tokyo and Toronto.
- Commodities Behemoth Testing Blockchain Tech with Crude Oil Cargo - January 21, 2017
- Berlin’s Neufund Blockchain Fundraising Platform Raises $2 Million - January 21, 2017
- Alibaba’s Ant Financial Aims for 2 billion Users by Bringing Blockchain Technology to Alipay - January 20, 2017
- ChronoBank Plans to Use Multiple Blockchains - January 20, 2017
- Hyperledger Welcomes New Blockchain Platform Partner Cello - January 20, 2017
- WISeKey and Stratumn Join Forces to Use Blockchain for Real-Time Accountability and Traceability in Enterprise Processes - January 20, 2017
- Blockchain Report – European Union Agency for Network and Information Security (ENISA) - January 20, 2017
- FINRA Seeks Comment on New Report on the Potential Implications of Blockchain - January 18, 2017
- Finlync Designs ERP Integration to Distributed Ledger and Blockchain - January 18, 2017
- European Central Bank Considering Digital Currency – Cryptocash - January 18, 2017
- US Homeland Security Testing Blockchain To Track People, Goods Across Borders - January 17, 2017
- Israeli Tax Authorities Might Go After Bitcoin - January 16, 2017
- Senior US Regulator David Blaszkowsky Joins Canadian Blockchain Intelligence Group (BIG) Advisory Board - January 16, 2017
- Seven European Banks Cut Blockchain Deal to Facilitate Easier Cross-Border SME Commerce - January 16, 2017
- Marketforce to Host 2nd Annual The Blockchain Summit on 28th March 2017 in London - January 15, 2017
- Waves Platform Implements New Blockchain Scalability Approaches - January 14, 2017
- China’s Puerbank Group Launches Global Node for A Standardized Blockchain-Based Digital Currency in the UK - January 14, 2017
- DU and Guardtime Partner with Dubai’s NMC Hospital to Revolutionize Electronic Health Records with Blockchain Technology - January 14, 2017
- Report: Blockchain Slated to Become $8 Billion Global Industry By 2024 - January 14, 2017
- Blockchain Could Save Financial Services $110 billion over Next Three Years - January 14, 2017
- Russia Embraces Bitcoin – No Plans to Ban Cryptocurrencies - January 14, 2017
- Canadian BTL Group Completes Blockchain Pilot With Major Global Energy Company - January 12, 2017
- Tokio Marine & Nichido Fire Insurance and NTT DATA Cut Blockchain PoC For Insurance - January 12, 2017
- HfS Research Recognises VirtusaPolaris for Emerging Blockchain Services in BFSI - January 12, 2017
- Deloitte Launches Blockchain Lab in New York - January 12, 2017
- SWIFT launches Blockchain Proof of Concept In Hyperledger - January 12, 2017
- Blockchain VIP’s to Gather for Major Retreat This Month - January 12, 2017
- IBM Watson Health and US FDA Announce Blockchain Healthcare Data Project - January 12, 2017
- Equibit Development Corporation Sets $7 million Funding Target, Crowdsale Date - January 12, 2017
- US National Science Foundation Offers $8.5m in Funding for Blockchain Proposals for Cyberinfrastructure Security - January 11, 2017
- China Poised to Dominate Fintech and Blockchain Markets in 2017 - January 10, 2017
- Respectonomy Social Network To Tackle Censorship Using Blockchain - January 10, 2017
- South Korea Plans to Launch a Full-Scale Pilot Project on Blockchain-powered Financial Services - January 10, 2017
- Postal Savings Bank of China (PSBC) Announces First Blockchain Financial Service - January 10, 2017
- Reserve Bank of India (RBI) Releases Bullish Report on Blockchain for Clearing, Settlement - January 10, 2017
- Blockchain TV – TED Talk | How the Blockchain will Radically Transform the Economy | Bettina Warburg - January 10, 2017
- Alfa-Bank and S7 Airlines Close Blockchain Deal in Russia - January 10, 2017
- Life.SREDA and the Russian Republic of Tatarstan To Introduce Blockchain Technology For Public Administration System - January 10, 2017
- Union Square Ventures Leads $4M Funding Round for Blockchain Startup Blockstack - January 10, 2017
- US Department of Energy Eyeing Blockchain Solutions for Security – Seeking Proposals - January 10, 2017
- India’s Axis Bank to Use Ripple Blockchain for Cross-Border Remittances - January 10, 2017
- Georgia to Store Real Estate Documents in Blockchain System with Bitfury Group and Hernando de Soto - January 10, 2017
- US Depository Trust & Clearing Corporation Selects IBM, AXONI and R3 to Develop Derivatives Processing On Blockchain - January 10, 2017
- Grantcoin Foundation Expands Board of Directors – Distribution Rescheduled to Late January - January 8, 2017
- UNICEF, UK Home Office and BTCC to speak at London Blockchain Week 2017 - January 6, 2017
- American Company The Seam to Form Cotton Blockchain Consortium with IBM on Hyperledger Fabric - January 5, 2017
- Move over Bitcoin – MIT Cryptographer Silvio Micali and his Public Ledger ALGORAND… The Future of Blockchain? - January 5, 2017
- Blockchain to Play Role in Future of Transportation? UBS Teams up with ZF and innology SE to Make it Happen - January 5, 2017
- Blockchain Group Hyperledger Expands into China - January 5, 2017
- The Evolution Of Casinos – Next Generation Transparent Ethereum Smart Contracts Based Casino “Edgeless” - January 5, 2017