Xenchain paves the way for an industry-wide implementation of
electronic Know Your Customer (eKYC)
Xenchain paves the way for an industry-wide implementation of electronic Know-Your-Customer or e-KYC processes across the remittance, financial technology (fintech) and telecommunication industries as well as financial institutions.
During the recent Money Services Business Asia Pacific Conference 2017 which was supported by the Malaysia Digital Economy Corporation (“MDEC”), Bank Negara announced that it plans to regulate electronic Know-Your-Customer or e-KYC processes for remittance transactions, with the standards to be finalised by year end after receiving industry comments.
Xenchain’s Strategic Advisor, Jacky Lee, as well as CEO, Vincent Wong, has both expressed excitements over the operation of e-KYC within the industry by 2018 with Xenchain playing an active role to provide a fast and seamless on boarding solution for industry players. The e-KYC processes allow customers to make electronic transactions without filling up a single form. Data received will also be stored electronically without any human intervention.
“e-KYC aims to improve bank’s efficiency for on boarding new customers for account opening, credit card, micro-financing as well as banks’ financial products applications; while the insurance industry will see an improvement to the traditional way of buying insurance as they transition into insurtech”,
said Vincent Wong, Chief Executive Officer at Xenchain.
In Indonesia, Xenchain is exploring with one of the pioneer in the market for electronic transactions and also a network provider of infrastructure for banking in Indonesia, to explore e-KYC with Indonesia’s financial institutions, telecommunications and fintech companies. According to Vincent, Xenchain will expand its operation to Middle East and European markets by Quarter 2 and Quarter 3 2019 respectively.
Smart Imaging Processing to Scan ID Document/Passport
The Software Development Kit (SDK) is currently able to scan and identify IDs and passports from Malaysia, Singapore, Indonesia, Philippines, UAE and Jordan through smart image processing.
According to Vice President of Product Development, Daniel Pacheco, this sophisticated process is developed based on machine learning algorithms and optical character recognition (“OCR”).
ID Photo Verification vs Selfie Video
Instead of using a traditional face-to-face verification, Xenchain has instead implemented the use of electronic face-to-face verification. Users are required to perform a live stream video of their face. The face motion detector will then detect a blinking eye or turning head or a smile. It will then perform the face landmark match which matches a live human face picture or videoagainst a photo ID which was previously scanned.
Electronic KYC Risk/Mitigation and Screening Partner
Xenchain does not only provide solutions for personal loan, micro financing, hire purchase and credit card purposes, but also provides solutions for money service business and fintech such as money exchange, remittance and insurance. The step-by-step electronic KYC risk and mitigation screening functionality will be integrated into Xenchain’s applications, in which, all user registration will be screened for Anti Money Laundering Combat Financing Terrorism (AML/CFT) checking against the most comprehensive collection of risk profiles from third party source data to easily and effectively implement sanctions programme with the coverage of publicly available sanctions list. Xenchain screening partners perform comprehensive screening against Politically Exposed Persons (PEPs), Structured Adverse Media and other watch lists, leveraging the in-depth financial intelligence.
About Xenchain
Xenchain accelerates and strengthen identity verification processes by using e-KYC technology that requires facial recognition, making manual document authentication a thing of the past.
We create and distribute XENCs to utilize the decentralized network of blockchain technology and enhancing personal data security by controlling where the data is stored and who has access to that information. It also allows identity owners to own, control and manage their digital identity.
With Xenchain, we are able to help your compliance team efficiently assess and process existing/new customers by streamlining their workflow and automating the screening and verification process even cross-referenced against international credit bureaus and watch list database.
For More Information, Please Contact:-
Vincent Wong | Chief Executive Officer | vincent.wong@xenchain.io
Elwin Chin | Head of Business Development | elwin.chin@xenchain.io
Bank Negara Malaysia News
http://www.thestar.com.my/business/business-news/2017/09/05/bnm-to-regulate-ekyc-remittances-new-standards-by-october/#wT4Vw6Q8eolzqfX6.99
