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Fenergo Partners with BENEFIT Bahrain for eKYC

Fenergo is delighted to be working with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) in designing and implementing the world’s first national Know Your Customer (KYC) utility that incorporates blockchain technology. The API-first solution supports sectors including retail and corporate banking, asset management as well as insurance and telecommunications in the future. The platform also verifies customer identity via biometric identity and verification (ID&V) technology which links to Bahrain national identity card data before instantly connecting to the eKYC hub.

Financial institutions that subscribe to BENEFIT can 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.

Fenergo deployed the first phase of the eKYC project in just four weeks. Watch this video to learn more about this innovative solution from the client.