The 2016 Fintech Innovation Lab Asia-Pacific organisers have revealed the names of the eight qualifying startups. For this year, the focus was on blockchain technology, fraud prevention, and wealth management, among other financial services. Surprisingly enough, only one blockchain startup made it to the finals. Then again, one is better than none.
On paper, the concept of KYC-Chain is rather intriguing, to say the least. Financial services all over the world are dealing with user verification on a daily basis, yet the onboarding processes need to be streamlined. Technology will play a big role in this process, and there are a wide variety of options to choose from.
What KYC-Chain does is use biometrics, distributed ledger technology, and other emerging technologies to provide consensus on identity. By using a distributed ledger, the company will ensure a certain level of transparency, while keeping the majority of information private from the public.
Such a powerful solution holds a lot of merit for front line sales and compliance officers to onboard retail clients. They can do so in a cost-effective manner, while also providing continuous interaction. They can also communicate with other financial institutions in a secure and consumer-centric encrypted environment.
In fact, several banks around the world have started using this platform already. This goes to show how badly the financial institutions need to step up their innovation game. Blockchain technology can play a big role in the process, and combined with biometrics; innovative solutions can be created.
All of these eight selected companies – including KYC-Chain – will be mentored by financial services executives during a 12-week period. Once the program has been completed, five of these eight participants will be selected to present their concept to financial industry execs and potential investors.
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