New KYC blockchain service to drive fintech efficiencies and counter financial crime

SINGAPORE (Oct 3): A consortium comprising OCBC Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG) and Infocomm Media Development Authority (IMDA) have completed a proof of concept (PoC) for a new type of Know Your Cutomer (KYC) blockchain service.

The new KYC blockchain technology, which runs on a Distributed Ledger technology (DLT) platform, allows banks to collect, validate and share information in a secured manner with the customer’s consent – as structured information is recorded, accessed and shared across a distributed network on the DLT platform using advanced cryptography.

The result is a vastly reduced need to duplicate information, or to conduct manual checks, for both banks and customers with an enhanced quality of stored customer information.

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