THELOGICALINDIAN - United Arab Emirates UAEs Ministry of Economy has abutting easily with the Arab Federation of Capital Markets AFCM to kickstart a claiming that encourages fintechs to actualize a knowyourcustomer KYC analysis arrangement based on blockchain technology
Trustworthiness of Data on the Blockchain
The AFCM has, in affiliation with the UAE’s Ministry of Economy, launched a bazaar addition claiming wherein participants are accepted to actualize a anatomic know-your-customer (KYC) blockchain system. The challenge, according to AFCM, is accessible to “enterprise-ready” fintechs and tech firms from the arena and about the world.
Participants are accepted to actualize a belvedere that “enable[s] accuracy and immutability,” according to the AFCM. Such a KYC belvedere would, in turn, “allow banking institutions to validate the abidingness of abstracts present in the broadcast balance technology (DLT) platform.”
In account its affidavit for ablution the challenge, AFCM, which is the allegorical anatomy for exchanges and clearinghouses from all about the Arab region, explains why it wants the acceptable KYC belvedere to be based on blockchain. AFCM said:
AFCM added that such a arrangement will acceptable action bigger abstracts aegis by ensuring alone accustomed bodies can admission the data.
Solving Problems With Disruptive Technologies
According to anticipation criteria, a accommodating fintech’s proposed band-aid “must break the botheration application confusing technologies.” The proposed band-aid charge additionally be accordant to the botheration account and be accordant with bounded regulations. Only bristles fintechs will accomplish it to the finals of the challenge, which is accepted to end on March 29, 2022.
In accession to the UAE’s abridgement ministry, the country’s balance regulator, the Balance & Commodities Authority (SCA), is additionally listed as AFCM’s added cardinal accomplice for this challenge.
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