eKYC solution using HyperLedger Fabric
The Central Bank of Bahrain (“CBB”) has has launched the eKYC by financial institutions in the Kingdom as part of its initiatives for digital transformation in the sector. The eKYC solution built by Bahrain BENEFIT utilizes hyperledger Fabric Blockchain platform. The platform was built in collaboration with Avanza Innovation company. The national eKYC platform, which was the first of its kind in the region targeting retail banks, financial services providers and money exchange networks, is operated by BENEFIT in collaboration with the Information and eGovernment Authority (IGA) and under the supervision of the CBB. The platform provides a national digital identity database for financial institutions to securely verify the identities of their customers, validate their information and share data digitally before providing products and services. This includes retrieval of customer data from governmental entities including IGA. BENEFIT has also developed the Application Programming Interface (“API”) for the platform, which allows for seamless integration with financial institutions core systems, digital channels and mobile apps. With the introduction of Open Banking in Bahrain, this also provides an opportunity for fintech companies to verify customers identities through their online and mobile applications. Mr. Khalid Al Hamad, Executive Director of Banking Supervision at the CBB said “The CBB urges all licensed financial institutions to avail of this innovative and streamlined service and accelerate its efforts towards automating the maintenance of its customer data and reputation records, by implementing eKYC API integration with their core systems, digital channels and mobile apps. We continue to support technological advancement in the sector to minimize cost while also fostering innovation and integration between financial institutions and fintech companies. This is also in line with the CBB’s continuous efforts in developing the financial sector infrastructure in light of the Covid-19 repercussions to ensure appropriate solutions for electronic payment systems.” BENEFIT’s Chief Executive Officer Abdulwahid Janahi said “It gives us great pleasure to continue developing the eKYC platform in an effort to drive digital transformation in the Kingdom’s various sectors. We have succeeded in enabling the integration of this digital platform into core banking systems and smart phone applications, and we are pleased to announce that Bahrain Islamic Bank has successfully integrated this platform into its core banking services system, while “ila” Bank offers customer on-boarding in a completely digital and autonomous manner through its mobile app, both based on eKYC API integration. We look forward to the use of eKYC services on a larger scale during the coming period.” The Vice Chairman of eTransformation in the Information & eGovernment Authority (iGA), Dr.Zakareya Ahmed Alkhaja, confirmed that iGA cooperated with “BENEFIT” that implemented the technical development of the project, under the supervision of CBB. The project aims to provide an advanced comprehensive eSystem for financial entities to verify the identity of their customers and the validity of the information, before providing the financial services. He pointed out that the authority has started providing identity verification services to the government sector, and this project complements providing the services to the private sectors, especially the banking sector, as the project will allow the it to start providing innovative, high-quality, secure data services that keep the privacy of individuals. That will lead to enhance economic growth and expand commercial activities in the Kingdom. He expressed his pride that the (eKYC) project is the first of its kind in the region and the first at the level of global applications in terms of cooperation between the government and the banking sector, as the implementation of projects globally is limited to cooperation between banks in the private sector. This project is also one of the first Projects using Block Chain technology in the Kingdom of Bahrain. Source: https://www.unlock-bc.com/news/2021-02-01/central-bank-of-bahrain-launches-hyperledger-fabric-ekyc-platform-with-benefit/
SAVYINT and Wultra strengthen partnership to develop authentication solution
On April 17, 2024, SAVYINT and Wultra entered into a collaboration to develop and implement authentication and compliance solutions for digital banking and financial services, aligning with Decision 2345/QĐ-NHNN. Accordingly, both parties pledge to collaborate closely in fostering the development of cutting-edge authentication solutions that adhere to the stringent security standards and regulations mandated for clients in the Finance, Banking, Insurance, Securities, Healthcare, Digital Media & Broadcasting and Government sectors. Wultra will provide advanced authentication, identity management, data security, and privacy solutions for SAVYINT’s digital solutions and services, encompassing: SAVYINT’s enterprise customers can now leverage the most cutting-edge authentication platform to enhance end-user experiences, safeguard data privacy and minimize e-commerce transaction risks. In addition to these core offerings, SAVYINT is also focused on accelerating the development of innovative platforms and solutions, including: By seamlessly integrating and developing these solutions, SAVYINT and its partners can achieve comprehensive improvement and enhance their business operations. Mr. Ondrej Kupka – A Wultra representative has emphasized SAVYINT’ position as a crucial strategic partner, citing the company’s comprehensive Digital Signature Solution and Open Banking Platform. The representative stressed that this collaboration will benefit both parties and foster market growth. Wultra’s comprehensive authentication solution fully complies with the legal requirements outlined in Vietnam’s Decision No. 2345/QĐ-NHNN. About SAVYINT SAVYINT is a leading provider of trusted digital products, solutions, and services with deep expertise in PKI systems, digital signature solutions, data encryption/privacy, open banking, blockchain & key management, cybersecurity services and AI and cloud applications… Committed to international standards, SAVYINT delivers top-tier solutions designed to meet the highest security and compliance requirements. Its advanced technical infrastructure supports digital transformation across diverse sectors such as government, healthcare, finance, education, logistics, transportation, telecommunications, and broadcasting. With a strong focus on innovation and security, SAVYINT is a reliable partner for organizations seeking to enhance operational efficiency and data security in the digital era. About Wultra Wultra is a global pioneer in authentication, information security, and data privacy solutions. Wultra serves as a digital financial guardian, empowering banks and fintech companies with modern, easy-to-deploy authentication solutions that elevate customer experiences. As a trusted partner with an open-source, developer-friendly approach, Wultra’s solutions can be implemented in weeks, not months. Wultra has established itself as a leading provider of digital banking security in the Czech Republic. The company is actively expanding its international market strategy.