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 That’s because the so-called Know Your Customer (KYC) process often relies on outdated technology and inefficient manual processes.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
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
Also Read: Plans Underway For Massive Middle East Autonomous Freight Network
During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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