E-kyc might be subsequent milestone for Bahrain: Odilon Almeida | THE DAILY TRIBUNE
Manama :: B.ahrain could Odilon Almeida, President of Western Union Global Money Transfer, told DT News that he was helping the fintech scene in the region with the introduction of Electronic KYC, the know-your-customer process in banking, using a paperless and electronic method Verification of customer identity leads.
He spoke on the sidelines of the launch of Western Union’s mobile app and website for digital transactions in the UK in association with NEC Money Exchange.
“The move to electronic KYC is the next milestone for Bahrain,” said Odilon Almeida, who oversees Western Union’s entire global omnichannel consumer business. With electronic KYC, a bank or financial institution can recognize a customer without questioning them. He answered a question about the launch of a regulatory sandbox in Bahrain that market participants can use to test their banking ideas and solutions.
“We have the right partner and regulator,” he said, referring to the NEC Money Exchange and the Central Bank of Bahrain regarding recent advances in Western Union’s digital path.
When asked about public fears about cybersecurity and the possibility of a data breach, he said Western Union had made sure their transactions were secure. He said the company is hiring people to attack the efficiency of the system, adding that security comes first.
With Bahrain’s plans to adopt blockchain technology – a distributed ledger that tracks transactions between parties – Odilon Almeida said blockchain has a lot of potential and countries that create a head start would lead the space. He confirmed that Western Union is testing the technology with Ripple, a company that uses blockchain technology to conduct faster digital transactions. Ripple’s website asks why, in a world where three billion people are connected online, “global payments are still stuck in the disco era”.
“Blockchain has a lot of potential, but good opportunities,” Odilon Almeida told DT News.
He said Bahrain is well positioned for innovation and the country has the “right DNA” when it comes to driving fintech adoption.