KYC-Chain is the only blockchain company shortlisted for the 2016 Asia Pacific Fintech Innovation Lab

Rage Review : In the 2016 Asia-Pacific Fintech Innovation Lab, eight shortlisted companies were selected, of which only one, KYC-CHAIN, is a blockchain startup. Indeed, the concept of KYC-CHAIN ​​is very attractive because it can solve the user identity verification problem all over the world, not only ensuring transparency, but also ensuring the privacy of most information. The shortlisted companies can not only receive 12 weeks of guidance from senior executives in the financial services industry, but also the five selected companies are eligible to present their concepts to senior executives in the financial industry and potential investors.

Translation: Nicole

Organizers of the 2016 Asia Pacific FinTech Innovation Lab have revealed the names of the eight startups that have been shortlisted. This year, the focus is on blockchain technology, fraud prevention, wealth management, and other financial services. Surprisingly, only one blockchain startup made it to the finals, but one is better than none.

KYC-CHAIN ​​uses distributed ledger to verify identity information

In theory, it is no exaggeration to say that the concept of KYC-Chain is very attractive. Financial services around the world deal with user identity verification every day, but the management process needs to be simplified. Blockchain technology plays an important role in this process and can provide many options.

What KYC-Chain does is use fingerprint recognition technology, distributed ledger technology, and other technologies for identity verification. By using distributed ledger technology, companies can ensure a certain degree of transparency while ensuring the privacy of most information.

Such a powerful solution can bring many benefits to front-line sales and compliance officers, not only saving costs when serving retail customers, but also providing continuous interaction. They can communicate with other financial institutions in a secure, consumer-centric, encrypted environment.

The fact that several banks around the world have already started using the platform means that financial institutions are very eager to start innovating, and blockchain technology combined with fingerprint recognition technology can play an important role in this process to create innovative solutions.

The eight companies selected — including KYC-Chain — will receive 12 weeks of mentorship from financial services industry executives, and once the program is over, five participating companies will be selected to be eligible to present their concepts to financial industry executives and potential investors.