2 years ago
United Arab Emirates (UAE)’s Ministry of Economy has joined hands with the Arab Federation of Capital Markets (AFCM) to kickstart a situation that encourages fintechs to make a know-your-customer (KYC) verification strategy based connected blockchain technology.
Trustworthiness of Data connected the Blockchain
The AFCM has, successful conjunction with the UAE’s Ministry of Economy, launched a marketplace innovation situation wherein participants are expected to make a functional know-your-customer (KYC) blockchain system. The challenge, according to AFCM, is unfastened to “enterprise-ready” fintechs and tech firms from the portion and astir the world.
Participants are expected to make a level that “enable[s] transparency and immutability,” according to the AFCM. Such a KYC level would, successful turn, “allow fiscal institutions to validate the trustworthiness of information contiguous successful the distributed ledger exertion (DLT) platform.”
In detailing its reasons for launching the challenge, AFCM, which is the guiding assemblage for exchanges and clearinghouses from each astir the Arab region, explains wherefore it wants the winning KYC level to beryllium based connected blockchain. AFCM said:
Blockchain volition let for an accumulation of information from aggregate authoritative work providers into 1 single, cryptographically secured database. KYC verification done this benignant of architecture has the quality to beryllium faster, much unafraid and much businesslike than existent verification procedures.
AFCM added that specified a strategy volition apt connection amended information information by ensuring lone authorized persons tin entree the data.
Solving Problems With Disruptive Technologies
According to judging criteria, a participating fintech’s projected solution “must lick the occupation utilizing disruptive technologies.” The projected solution indispensable besides beryllium applicable to the occupation connection and beryllium compatible with section regulations. Only 5 fintechs volition marque it to the finals of the challenge, which is expected to extremity connected March 29, 2022.
In summation to the UAE’s system ministry, the country’s securities regulator, the Securities & Commodities Authority (SCA), is besides listed arsenic AFCM’s different strategical spouse for this challenge.
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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