KYC-Chain finalist in 2016 Fintech Innovation Lab Asia-Pacific

August 23, 2016 - 

The organizers of the 2016 Fintech Innovation Lab Asia-Pacific have selected the names of the eight qualifying startups, including blockchain startup KYC-Chain, according to a report by The Merkle.

This is surprising considering that the focus of this year’s event is on blockchain technology, fraud prevention, and wealth management, along with other financial services.

KYC-Chain uses biometrics, distributed ledger technology, and other emerging technologies to accurately identify users when they sign into their account.

A distributed ledger allows the company to ensure a greater level of transparency, while maintaining the private nature of the information.

This type of solution is particularly useful for front line sales and compliance officers in onboarding retail clients as they can perform the processes in a cost-effective way while providing continuous interaction.

In addition, they can communicate with other financial institutions in a secure and consumer-focused encrypted environment.

Many banks around the world have already begun using blockchain technology as it can help improve their overall operations, and when combined with biometrics, it can create innovative solutions.

All eight startup finalists will be mentored by financial services executives during a 12-week period.

At the end of the program, five of the eight startups will get a chance to present their concept to financial industry execs and potential investors.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.