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Fenergo & BENEFIT to create blockchain-integrated eKYC utility in Bahrain

Marc Murphy, CEO, Fenergo

A provider of digital Client Lifecycle Management (CLM), Fenergo, has partnered with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) in a bid to launch a national KYC that incorporates blockchain technology.

According to the supplier, the platform will support retail and corporate banking sectors, asset management, insurance and telecommunications. The partnership will allow the financial institutions on BENEFIT to quickly onboard their corporate customers and complete KYC and Anti Money Laundering (AML) compliance procedures through Fenergo-powered eKYC hub.

BENEFIT’s Chief Executive Officer Abdulwahed AlJanahi said, “BENEFIT is committed to supporting financial institutions on their journey to digital transformation. By partnering with disruptive technology companies like Fenergo, we can deliver on our promise to help financial firms streamline and simplify the collection and management of customer data, improving customer experiences and minimising fraud.”

The customer verification process takes place via biometric technology through Fenergo’s API-first solution and links to Bahrain national identity card data. The cloud-based utility developed by Fenergo is a part of an initiative mandated by the Central Bank of Bahrain which aimed for enhanced customer experiences and regulatory compliance.

Marc Murphy, CEO, Fenergo: “Regulatory mandated KYC utilities represent a massive opportunity to enable significant efficiency, improve customer experience and help drive regulatory certainty. In a digital economy, where open banking and customer choice are at the forefront, making the KYC process digital is a huge enabler for any digital transformation initiative. At Fenergo, we are honoured to partner with BENEFIT and the Bahrain regulator to deliver the KYC technology of the future.”

Recently, Fenergo partnered with Arachnys, a provider of cloud-based investigation management technology, with an aim to provide inclusion of Arachnys’ due diligence research and management solution within Fenergo’s end-to-end onboarding workflow. The integration is expected to simplify the audit trail for external information and accelerate onboarding and compliance for new business.

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