Bank Aljazira Wins The Race For The First Blockchain Use Case In Saudi Arabia With Its Blockchain Ewallet

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Bank Aljazira in its continued effort to provide its clients with outstanding services while protecting clients information to prevent fraud, is working on the first of its kind use case in the region using the Blockchain based identity management from ShoCard in partnership with its local partner Ateon and SettleMint.

The project starts with a Blockchain-based solutions; which utilizes BAJ’s existing digital channels (online banking website and mobile app).  No longer would bank clients need to remember passwords or type SMS codes.  No customer data is transmitted over the Internet; nor any private information is stored on any computer.  The solution provides users with true security and privacy.

Expected benefits of the system once deployed are:

  1. Reduce cost and duplication for identity management
  2. Reduce fraud (a borrower can no longer take a loan against the same asset from multiple banks)
  3. Allow for the exchange of customer information: data on wire transfers and investigatory reports (Suspicious Activity Reports).
  4. Improve management of AML
  5. Improve customers satisfaction

The same solution could be extended to replace bank cards for clients when transacting or withdrawing money from an ATM machine.  Unlike NFC based solutions, there is no data to be sniffed by nearby thieves.

ShoCard is the most prominent name in the Blockchain identity space with an open-patent portfolio.  It has existing, large-scale clients in the airline industry including SITA and two other major airlines. Also, ShoCard has production partnerships with Credit-Info, one of the largest credit-card networks in the world, as well as other major financial institutions.

Bank Aljazira – established in 1976 – is a prominent Islamic Bank in Saudi Arabia and continues to take a leading position in Digital Banking and Fintech development.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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