Blockpass made it through a selection process where fewer than 25% of applicants were successful, being one of 13 accepted from a pool of 58, according to the official press release.
Dedicated to establishing honest, fair, and effective financial markets, the UK-based FCA monitors and regulates nearly 60,000 financial services firms and financial markets. To promote this and foster innovation, the FCA provides a regulatory sandbox for companies to develop and test solutions.
This cohort, the seventh of the FCA's regulatory sandbox, where Blockpass was admitted, it looking to solve some issues such as: the ability to detect and prevent fraud and scams; provide support around the financial resilience of vulnerable consumers; and improve access to finance for small and medium sized enterprises.
As an identity management platform and provider of KYC and AML solutions, Blockpass aims to address all these issues.
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