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.
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 That’s because the so-called Know Your Customer (KYC) process often relies on outdated technology and inefficient manual processes.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.
News
Paymob Extends Series B Funding To $72M Amid Continued Growth
The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.
Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.
The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.
This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.
Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.
Also Read: Zoho Expands Qatar Operations & Releases New Survey Data
The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.
Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.
Paymob Extends Series B Funding To $72M Amid Continued Growth
Healthtrip Expands Into Middle East To Boost Health Tourism
Zoho Expands Qatar Operations & Releases New Survey Data
6 Arab Musicians Triumph In TikTok MENA LIVE’s #GimmeTheMic
Google’s New AI Technology May Revolutionize Cancer Treatment
Insilico Develops The World’s First Fully AI-Generated Drug
WhatsApp Update Will Debut AI Voice Mode With 10 Variants
Yango Group Unveils Yasmina AI-Enhanced Smart Speakers For UAE
Grok’s Image Generator Sparks AI Content Regulation Debate
