Introducing ‘Social KYC’ to create a world bank for microeconomy – BABB

You might be familiar with the term KYC which is commonly used by banks and other financial organizations. What is KYC? KYC (Know Your Customer) is a bit lengthy process that is followed by almost majority of the based financial organizations to record and verify the identity of their customers. Irrespective of whether you want to open a checking/ savings account, demat account or any type of financial account, you need to provide the complete set of documents to prove your identity and address. If your documents don’t comply with the KYC rules and guidelines followed in your country, you will not be able to get the intended service.

What is the need of KYC? KYC is done mainly to prevent AML (Anti Money Laundering), misuse of identity, information stealing, etc. In most of the countries, KYC is not yet centralized. So, if you need to open savings/checking accounts in two different banks, then you need to submit the KYC documentation separately with the respective banks. For individuals who are living in the same geographical location for many years, providing the identity documents is not a big deal. How to get KYC documents for refugees, asylum seekers or immigrants? These people might have the passport which can be to verify their identity. What about proof of address? They will not get a communication address as soon as they enter a foreign country. How to open a bank account for this kind of people?

BABB offers an innovative solution named “Social KYC.” Before you can understand about social KYC, let us understand a bit about BABB. What is BABB? BABB (Bank Account Based Blockchain) is basically a decentralized platform based on the blockchain technology that allows anyone to open a bank account in UK irrespective of their geographical location. It is developed by the company BABB app Ltd, an authorized UK based payment institution. Do you have a smartphone with an internet connection? Then, you can easily open a bank account by just taking a selfie image of yourself and saying a passphrase. Unbelievable? Yes. It is possible using the BABB mobile app. Want to more information? Kindly visit the official whitepaper of the BABB platform at https://resources.getbabb.com/whitepapers/en/babb-whitepaper.pdf

Now, let us come back to Social KYC. What is Social KYC? It is the process of vouching for any of your friend/family to open a bank account with BABB provided they don’t have enough KYC documentation. But, the person who provides the vouch should be fully compliant with KYC. This interesting feature will help the refugees, asylum seekers or immigrants to open a bank account as they can get social KYC from their friends or relatives. Another interesting point to note is that the Social KYC is independent of the location. For example, a person located in Australia can vouch for his friend located in Africa.

Of course, BABB platform is not available for free, and the users need to hold BAX tokens to access any service on the platform. BAX tokens are utility tokens based on Ethereum ERC20 standard and will be sold by the BABB app Ltd during its token sale. Check out https://getbabb.com/ to get the latest information about the token sale and the procedure to buy BAX tokens and ANN Thread,BOUNTY Thread, Telegram

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