This Regtech Now Taps Directly into Bahrain’s National ID Data to Offer Quicker eKYC

Fenergo, a recognised Dublin-based provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, today announces that it’s working with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) in designing and implementing a national Know Your Customer (KYC) utility incorporating blockchain.

Still in its early phase the platform is said to be geared for use in the banking, asset management, insurance and telecommunications industries.

Financial institutions subscribed to BENEFIT can 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.

Its API-first solution taps into the Bahrain national identity card data, which allows financial institutions to verify customer identity via biometric identity and verification (ID&V) technology.

Fenergo claims that the centralisation of customer data removes the need for duplicate requests for information, hopefully resulting in more seamless and speedy onboarding. If all goes to plan, then there would also be the natural elimination of manual processes which could reduce costs and increase operational efficiency.

In other MENA-related developments, Fenergo has also been fully licensed by the Dubai International Finance Centre (DIFC), and will relocate to DIFC’s fintech accelerator, the Fintech Hive. To that end, Fenergo will work closely with Gulf Cooperation Council (GCC) regional banks and large financial institutions to deliver out-of-the box solutions.

Fenergo has also appointed a new Head of MENA to complement its existing team in Dubai. Cormac Sheedy would be delivering on Fenergo’s objective to provide creative Client Lifecycle Management (CLM) solutions to streamline compliance, and generally digitally transform client journeys.

Featured image via Fenergo