Singapore/Hong Kong, 22 November 2022 – ParallelChain Lab was awarded ‘One to Watch – Blockchain for KYC’ in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.
This award recognises the development of eKYC-Chain, an innovative blockchain-based customer onboarding and KYC compliance solution. The solution can be deployed within a network of financial service providers to create a shared, decentralised KYC database that is accessible to all participants, while still retaining privacy rights for customers – including “Ability-to-Forget” functionality.
The solution also allows KYC data to be accessed, utilised, and compared against among participating institutions without granting read access, using patented “Proof-of-Immutability” privacy technology. In addition, eKYC-Chain provides a tamper-proof, immutable and verifiable audit trail that is readily accessible for compliance and audit checks.
For customer verification, eKYC-Chain uses real-time facial recognition with liveness detection and face-matching against ID documents, palmprint authentication, and voice capture. All checks are performed by smart contracts, and without having to directly store any biometric samples captured during onboarding. Rather, eKYC-Chain only stores mathematical representations of the biometric data, which are scrambled before being encrypted and stored.
“ParallelChain’s approach of applying multiple biometric checks for authentication is impressive – this significantly lowers the possibility of a security breach or fraud,” said one judge on the Regulation Asia awards panel. “The solution is especially unique for its GDPR-compliant privacy safeguards, high performance and speed advantages, and highly customisable workflow.”
eKYC-Chain was built from the ground up with technologies that are either patented or patent-pending in the US, China and EU. The solution is also being tested in the healthcare sector for remote consultation and diagnostics, as well as verification and issuance of medical certificates and records.
About the Regulation Asia Awards for Excellence 2022
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2022 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.