Legacy, like any financial services provider, must verify customer identities. Being based in Hong Kong means KYC requirements are among the strictest in the world, especially when it comes to onboarding large entities. And there are time limits on due diligence in Hong Kong too!
Even if there weren’t, clients prefer not to wait, and due diligence is more time-consuming than it needs to be. In the age of instantaneous communication and digital asset transfer, due diligence is mired in paperwork that, anachronistically, often consists of actual paper.
So we’re working on a plan to fix what’s broken about this process, by relying on BlockPass’ provision of a comprehensive verification app that we and our clients can access quickly and easily.
How does BlockPass work?
BlockPass uses blockchain technology to create a ledger of verified identity documents that’s both easily accessible, and unalterable. Once a person’s identity has been verified, limitless other parties can be granted access to those verification records — without any risk to the individual concerned, because they control access. There’s no risk of malfeasance because the immutable shared ledger — the blockchain — makes it impossible to alter the records in any way without the proper authorization.
What would that look like for the client?
Let’s imagine you’re the client. When you seek to engage our services, we’re required by law to verify your identity — which means asking you to present us with your passport and proof of address. If you’re a client with multiple financial services providers this quickly becomes tiresome for you, and it always represents an unnecessary delay. For us, it’s necessary but far more complex and time-consuming than it need be.
With BlockPass, you’ll be able to add your credentials to a repository and simply give Legacy or any other new financial services provider access to that repository.
The result? Signing up with Legacy for any of our range of trust and custody services is faster, easier and simpler, but no less secure.
How does Legacy foresee using this technology?
Our two companies have a memorandum of understanding in place, and share the ambition of bringing Hong Kong’s venerable trust sector into the 21st century.
BlockPass is already in operation, and Legacy has a need for tools to accelerate and remove friction from our onboarding process. At this early stage in what both companies hope will be a fruitful partnership, we are experimenting with ways to build BlockPass’ offering into our onboarding flows. Each time this is achieved, clients and service provider alike benefit from easier, faster onboarding, much-reduced reliance on obsolete methodologies and greater security.