AFCM, in conjunction with the UAE Ministry of Economy, has launched a market innovation challenge where participants are expected to create a functional know-your-customer blockchain system. According to AFCM, the challenge is open to enterprise-ready fintech and technology companies in the region and around the world.
According to AFCM, participants are expected to create a platform that will enable transparency and immutability. Such a KYC platform would, in turn, allow financial institutions to verify the reliability of the data present on distributed laser technology platforms.
A detailed description of the reasons for launching the challenge, AFCM, a leading organization for exchanges and clearinghouses around the Arab region, explains why it wants to be based on the winning KYC platform blockchain.