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Deal between China’s Industrial Bank(CIB) and KRONN Ventures’s KYC Facial Recognition Technology counts down to its Finalization
March , 2019 – Industrial Bank(CIB), known to be the most aggressive investor in blockchain technology among the four largest commercial banks in China, has entered into close negotiations with a swiss company, KRONN Ventures, for its KYC(Know Your Customer) technology, which is made for the blockchain-based international wire transfer system.
If KYC process is selected, KRONN Ventures plans to apply for final approval from the Chinese government. KYC refers to the basic information about the customer that the financial product or financial service provider must receive and hold before a sale of the financial service or product.
This KYC certification may be considered somewhat inconvenient and excessive for customers for demanding too much personal information, but it is a critical means to prevent security breaches and issues such as hacking. It is also an essential system to prevent money laundering and illegal funding.
CTO Pablos Moros (KRONN Ventures) who led the system development said, “Most countries use a lot of official certificates, ID cards, bank personal information, e-mail, cell phone information, or pin numbers. However in China, they have been using facial recognition systems for a long time.” He also stated that KRONN Ventures will do their best to make the KYC face recognition process to become the standard in CIB as well as China.
The KYC process of facial recognition from KRONN Ventures is based on blockchain technology. The advantage of this is that the international wire transfer process using KYC is simple and impossible to hack, due to how it uses facial recognition through the electronic wallet application for smartphones without the input of complicated personal information or cumbersome authentication process.
Blockchain technology is said to be the technology to lead the next generation taking after the development of internet. It is known that global financial giants such as JP Morgan, Morgan Stanley and Deutsche Bank are very close to bring it to commercialization in a wider way. In particular, all eyes in the industry are paying close attention to how international wire transfer systems will be the first to be replaced by the blockchain technology.