Fenergo to develop blockchain-based national KYC utility in Bahrain

Thursday 2 May 2019 11:04 CET | News

Regtech company Fenergo has teamed up with Bahrain`s Electronic Network for Financial Transactions (BENEFIT) to develop a blockchain-based national KYC utility.

BENEFIT was established in November 1997 by 17 commercial banks as the National ATM and Point of Sale switch of Bahrain.
Fenergo provides Client Lifecycle Management (CLM) software solutions to financial institutions, empowering them to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.

The eKYC project is a part of an initiative mandated by the Central Bank of Bahrain (CBB) to enable financial institutions to seamlessly perform customer due diligence (CDD) checks for better customer experiences and regulatory certainty.

Financial institutions subscribing to BENEFIT would be able to instantly complete KYC and AML compliance procedures when onboarding new individual and corporate customers through the Fenergo-powered eKYC hub and rules engine utilising blockchain.

The blockchain-powered utility platform will support sectors including retail and corporate banking, asset management as well as insurance and telecommunications in the future.

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Keywords: Fenergo, blockchain, KYC, AML, regtech
Countries: World

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