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Regtech company Fenergo has teamed up with Bahrain's Electronic Network for Financial Transactions (BENEFIT) to develop and implement the world’s first blockchain-based national Know Your Customer (KYC) utility.
BENEFIT was established in November 1997 by 17 commercial banks as the National ATM and Point of Sale switch of Bahrain. It was initially licensed by the Central Bank of Bahrain (CBB) to be ‘the provider of ancillary services for the financial sector,’ and soon expanded to cover markets outside Bahrain.
Founded in 2009, Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions to financial institutions, empowering them to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.
The eKYC project is a part of an initiative mandated by the Central Bank of Bahrain (CBB) to enable financial institutions to seamlessly perform customer due diligence (CDD) checks for better customer experiences and regulatory certainty, Fenergo said. The initiative is part of a wider Government scheme, Economic Vision 2030, to improve the Kingdom's economy.
According to the official release, the first phase of the eKYC implementation project was deployed in just four weeks.
Financial institutions subscribing to BENEFIT would be able to instantly complete KYC and Anti-Money Laundering (AML) compliance procedures when onboarding new individual and corporate customers through the Fenergo-powered eKYC hub and rules engine utilising blockchain. In addition, the elimination of manual processes will help reduce cost and enhance operational efficiencies, thereby optimising customer experiences.
The utility is expected to support more than 380 financial institutions to improve customer experience and drive KYC efficiencies across Bahrain.
"Regulatory mandated KYC utilities represent a massive opportunity to enable significant efficiency, improve customer experience and help drive regulatory certainty,” Marc Murphy, CEO of Fenergo, said. “At Fenergo, we are honoured to partner with BENEFIT and the Bahrain regulator to deliver the KYC technology of the future."
The blockchain-powered utility platform will support sectors including retail and corporate banking, asset management as well as insurance and telecommunications in the future.
