By Jamie Redman,
At this year’s Singapore FinTech Festival, the fintech startup KYCK! and IBM announced a collaboration involving a blockchain Know Your Customer (KYC) project. The Singapore-based company will use distributed ledger technology to onboard clients in a secure environment.
Singapore Startup KYCK! Initiates Blockchain KYC Verification
According to IBM, utilizing the Hyperledger Project Fabric can lead to enhanced identity verification and secure data protection. The open source Fabric architecture will enable “immutability, traceability and privacy” across a permissioned distributed ledger network.
The investment portal KYCK! intends to use the platform to provide brokerages video conferencing and encrypted document applications to secure new customers. KYCK!, a startup created by three Singaporeans, enables users to access brokerage demo accounts and secure onboarding opportunities.
IBM explained the platform is built to enhance identification validation through a secure blockchain network that can be shared between banks and government organizations. Following confirmation of identity, KYCK! checks the customer’s data as verified before account onboarding.
“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,” said Darryl Tan, co-founder of KYCK!. “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 onboarding processes and the overall customer experience.”
Blockchain Furthering the Onboarding Process
The blockchain solution KYCK! uses will be secured through the IBM High-Security Business Network (HSBN). The companies explained this will enable KYCK! to curate sensitive data without fear of a breach. The startup’s creators said they experienced significant friction related to the customer onboarding process. This initiated the creation of KYCK! to improve onboarding through the use of emerging technology. Since IBM introduced its blockchain platform and Bluemix Garage in Singapore, the firm has seen quite a bit of enthusiasm.
“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,” details Alan Lim, Practice Lead, IBM Blockchain & Bluemix Garage, ASEAN. “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.”
Singapore’s Blockchain Tech Fever and IBM’s Bluemix May Mix Well
The Singapore Bluemix Garage is one of the latest to join the IBM global network of eight garages globally. Singapore has also really been heating up when it comes to blockchain and financial tech. Just recently, Bitcoin.com reported the Monetary Authority of Singapore (MAS) is working with R3 on a blockchain innovation lab. Additionally, MAS has been partnering with other countries such as South Korea and India.
Bluemix aims to be a forerunning solution in cognitive computing, cloud analytics,blockchain and IoT protocols. IBM say startups can also deploy 150 services and APIs with the open source Bluemix platform. With the Bluemix Garage in Singapore and IBM’s partnership with KYCK! the hope is to create better solutions for market participants globally.