Akcess uses HyperledgerFabric to provide KYC Blockchain enabled solution to customers in Egypt, Kuwait, Qatar and UAE
AkCess, a UK headquartered company that provides digital identity and KYC solutions built on the Blockchain announced in an interview with Entrepeneur Magazine that it was opening its offices in Kuwait. In a press release for AkCess in May of 2021, the company stated that it had projects underway in Kuwait, Egypt, UAE and Qatar.
In an interview with Entrepeneur Magazine, Founding member and Chief Technology Officer of Akcess, Nehme AbouZeid stated, “KYC is a major challenge for all financially regulated and unregulated companies but the bigger challenge is to update the KYC after initial onboarding of a clien. Using a combination of our mobile app and our blockchain network, we were able to find a solution acceptable to all parties, the regulator and the institutions. The objective is to have a shared eKYC platform, where institutions verify an individual’s KYC or data profile for use within the institution (for onboarding purposes, opening accounts, etc.) once a user is verified. This verification is registered on our blockchain, and can be used by other institutions for the same purpose, always with the approval of the individual.”
Akcess’s clientele are currently banks, SMEs, educational and healthcare sector. Akcess CTO believes that with their KYC solution they are providing a more cost effective and up to date process. He explains, “The entire ecosystem benefits, from banking, to universities, hospitals, insurance companies and more.”
AKcess recently launched its global blockchain platform AKcessChain in Kuwait. “Our global blockchain platform is AKcessChain, built on Hyperledger Fabric, and we launched the private blockchain network globally and in Kuwait,” Abouzeid says. “We currently have nodes in the UK, Switzerland, and Canada, and have configured nodes in Kuwait, one for each of our large clients. The Kuwait network is being used by top financial institutions for onboarding clients, verifying and updating KYC profiles, as well as managing transactions. We are now in advanced talks with financial institutions in the UAE and Saudi Arabia, and are also preparing for our expansion into the GCC market.”
But it’s not just the GCC region that’s in Akcess’ sights- the UK is also on the company’s radar. “In the UK, we are planning two major vertical solutions: SMEs and education,” Abouzeid reveals. “The first phase is [centered on] launching a platform geared towards SMEs, where we are bringing banking grade technology to the mainstream. The platform will allow any business to create their own secure cloud hosted node, and start using blockchain in a seamless and transparent way. We offer form digitizing and automation, including digital form signing, OCR data extraction from documents, KYC verifications, and more.”