Blockpass Accepted to FCA Regulatory Sandbox
HONG KONG, Jun 23, 2021 – (ACN Newswire via SEAPRWire.com) – We’re very excited to be able to reveal that Blockpass has been accepted into the latest cohort of the Financial Conduct Authority’s (FCA’s) regulatory sandbox, a system which enables the ability for businesses to try out revolutionary new solutions in a market ecosystem with real users. Blockpass is proud to have made it through a selection process where fewer than 25% of applicants were successful, being one of 13 accepted from a pool of 58.
Dedicated to establishing honest, fair and effective financial markets, the UK-based FCA (https://www.fca.org.uk/firms/innovation/regulatory-sandbox) monitors and regulates nearly 60,000 financial services firms and financial markets. To promote this and foster innovation, the FCA provides a regulatory sandbox for companies to develop and test cutting-edge solutions. This has a number of benefits for the companies involved, including providing a controlled environment for testing, assistance in including the necessary customer safeguards, access to finance and potentially a faster and less expensive time-to-market.
This cohort, the seventh of the FCA’s regulatory sandbox (https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-sandbox-cohort-7), comes in the middle of the coronavirus pandemic with a particular interest in solutions that deal with the effects of the pandemic and its impact on people and businesses. Some specific aspects that the FCA were looking for in this cohort included:
– The ability to detect and prevent fraud and scams.
– Providing support around the financial resilience of vulnerable consumers.
– Improving access to finance for small and medium sized enterprises.
As an identity management platform and provider of simple and effective KYC and AML solutions, Blockpass aims to address all these issues.
Previously over the course of the pandemic, Blockpass has been working on solutions and partnerships for various sectors and use cases, including the healthcare industry (https://blockpass.org/2020/05/24/kyc-for-healthcare/) and for ‘Covid passports’ (https://blockpass.org/2020/04/17/kyc-digital-certificate-service-for-covid-19-testing/). In addition to this, Blockpass is perfectly situated to cater for remote verification (https://blockpass.org/2020/04/08/building-trust-through-reusable-kyc-in-the-covid-19-remote-world/) as people adjust to working in lockdown situations and new remote-working practices that will no-doubt continue after the pandemic has subsided. By putting users back in control of their own data and facilitating fast, secure and effective identity solutions, Blockpass not only removes the repetitive and time-consuming aspect of verification, but works with data protection and privacy standards around the world – vital opportunity for companies in the financial service industry.
Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with, and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations have led to a surge in interest for Blockpass’ On-chain KYC(TM) solution which promises to change the way blockchains enable compliance. Its recent integration with TrustSwap expands Blockpass’ services to a whole new raft of businesses and solutions.
Blockpass, the pioneer of On-chain KYC(TM), is a fast, fully comprehensive KYC & AML screening software-as-a-service for blockchains, Crypto, Defi and other regulated industries. With Blockpass, you get an unmatched set of benefits for any compliance service that includes pay-as-you-go, no setup cost, no integration necessary, free testing, immediate launch and at the lowest cost. Blockpass’ KYC Connect(TM) platform enables businesses to select requirements for customer onboarding that can include ID authentication, face-matching, address checking, AML ongoing monitoring and/or screening of sanctions lists, politically exposed persons (PEP), and adverse media. Through Blockpass, end-users easily create a verified portable identity that they can control and re-use to onboard with any service instantly. By integrating with Chainlink Network – a decentralized oracle solution – in early January, Blockpass introduced the first On-chain KYC(TM) solution that will service many blockchains in the years to come. The Blockpass App is available from the App Store and Google Play.
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