Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge – Blockchain Bitcoin News


United Arab Emirates (UAE)’s Ministry of Financial system has joined palms with the Arab Federation of Capital Markets (AFCM) to kickstart a problem that encourages fintechs to create a know-your-customer (KYC) verification system primarily based on blockchain expertise.

Trustworthiness of Knowledge on the Blockchain

The AFCM has, along side the UAE’s Ministry of Financial system, launched a market innovation problem whereby contributors are anticipated to create a useful know-your-customer (KYC) blockchain system. The problem, in response to AFCM, is open to “enterprise-ready” fintechs and tech corporations from the area and around the globe.

Contributors are anticipated to create a platform that “allow[s] transparency and immutability,” in response to the AFCM. Such a KYC platform would, in flip, “enable monetary establishments to validate the trustworthiness of knowledge current within the distributed ledger expertise (DLT) platform.”

In detailing its causes for launching the problem, AFCM, which is the guiding physique for exchanges and clearinghouses from throughout the Arab area, explains why it needs the successful KYC platform to be primarily based on blockchain. AFCM mentioned:

Blockchain will enable for an accumulation of knowledge from a number of authoritative service suppliers into one single, cryptographically secured database. KYC verification by means of this sort of structure has the flexibility to be sooner, safer and extra environment friendly than present verification procedures.

AFCM added that such a system will probably supply higher information safety by guaranteeing solely licensed individuals can entry the info.

Fixing Issues With Disruptive Applied sciences

In keeping with judging standards, a taking part fintech’s proposed answer “should resolve the issue utilizing disruptive applied sciences.” The proposed answer should even be related to the issue assertion and be appropriate with native rules. Solely 5 fintechs will make it to the finals of the problem, which is predicted to finish on March 29, 2022.

Along with the UAE’s economic system ministry, the nation’s securities regulator, the Securities & Commodities Authority (SCA), can also be listed as AFCM’s different strategic associate for this problem.

What are your ideas on this story? Inform us what you assume within the feedback part under.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.



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