News

AKcess Brings Its Blockchain-Based Digital ID Solution To Kuwait

Designed to make both paper and online forms obsolete, AKcess uses nothing but a smartphone app to collect and validate KYC data.

Published

3 years ago

June 27, 2021

Joanna Melki

akcess brings its blockchain-based digital id solution to kuwait

Companies in the financial sector, as well as governments and enterprises, spend a lot of time, effort, and money verifying the identities of their customers. That’s because the so-called Know Your Customer (KYC) process often relies on outdated technology and inefficient manual processes. AKcess would like to revolutionize the KYC process using its secure digital ID solution for private and commercial use.

The solution takes advantage of blockchain technology (the same technology that powers and secures cryptocurrencies such as Bitcoin), using it to immutably store collected user data.

Designed to make both paper and online forms obsolete, AKcess uses nothing but a smartphone app to collect and validate KYC data. The submitted information can then be verified in a number of different ways, such as by taking a selfie or using a third-party verifier. When a user approaches an institution that collects KYC information, he or she can simply share it via AKcess, making onboarding effortless.

“KYC is a major challenge for all financially regulated and unregulated companies, but the bigger challenge is to update the KYC after initial onboarding of a client,” said Nehme AbouZeid, Founding member and Chief Technology Officer of Akcess, in an interview with Entrepreneur Magazine. “Using a combination of our mobile app and our blockchain network, we were able to find a solution acceptable to all parties, the regulator and the institutions.”

Also Read: New Digital ID Verification Solution Available To Turkish Fintech Apps

The blockchain-based digital ID solution could be a boon to banks, small and medium enterprises (SMEs), government organizations, educational institutions, healthcare providers, insurance companies, and more. In other words, its impact could be significant.

AKcess has recently opened offices in Kuwait, and the company also has projects underway in several other countries in the Middle East including Egypt, UAE, and Qatar.

Related Topics:Blockchain Cryptocurrency Kuwait

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News

Popcorn AI Raises $500,000 For “Conversational eCommerce”

The firm’s AI platform uses specialized chatbots to handle entire eCommerce journeys, from recommending products to seamless payments.

Published

5 days ago

November 14, 2024

Nour Nasir

Popcorn AI

Dubai-based Popcorn AI has announced the closure of a pre-seed funding round that raised $500,000 for its revolutionary AI platform. The investment, led by Spring Studios with the backing of Salica Investments, Al Waha Fund of Funds, and prominent angel investors from Saudi Arabia, represents a key step forward in reshaping customer-business interactions using the power of conversational AI.

Unlike traditional chatbot systems, Popcorn AI’s platform is designed to redefine eCommerce by creating highly intelligent sales agents that handle entire customer journeys, from personalized product recommendations right through to seamless payment acceptance — all through a conversational experience.

The clever idea was recently tested to great success when one of Popcorn AI’s chatbot agents closed a $400,000 real estate transaction, handling everything from the first inquiry to the final sale. Early adopters have reported a massive 90% reduction in customer acquisition costs, along with a highly impressive 20% improvement in conversion rates, highlighting the platform’s potential to transform customer engagement across dozens of industries.

Josh Rodger, Principal at the Spring Studios fund, expressed enthusiasm for the project, saying, “We are proud to support Popcorn AI’s mission to reshape how businesses connect with their customers. Their innovative approach to conversational commerce has the potential to revolutionize industries and redefine the way customers experience digital transactions”.

Also Read: Top Free AI Chatbots Available In The Middle East

Meanwhile, Popcorn AI founder and CEO Yousef Al Arif declared: “The future of commerce is conversational,” adding, “Today’s consumers want shopping experiences that are instant, personalized, and effortless. We’re not building just another chatbot; we’re crafting intelligent commerce agents that understand context, recall customer preferences, and guide users through the entire shopping process, much like an expert salesperson would”.

Building upon a decade of experience scaling eCommerce and marketplace platforms across the MENA region, Al Arif has now achieved huge success with Popcorn AI, positioning the product at the cutting edge of AI-powered eCommerce. The platform has also made significant impacts in sectors such as real estate, and hospitality, signaling that conversational commerce is emerging as a powerful new model for digital businesses.