Wecan Group: Blockchain Serves KYC Compliance In Luxembourg

Wecan Group, a Geneva-based fintech, transforms KYC compliance in Europe through a decentralized blockchain solution. Coveted by institutions in financial centers in Luxembourg, this innovation redefines traditional practices, enhancing security and efficiency.

Conquering Europe!

Building on their success in Switzerland, Wecan now aims to expand on a European scale. Their solution has demonstrated its relevance in facilitating cross-border exchanges while ensuring data security.

According to Vincent Pignon, founder of Wecan, the goal is to “enable our clients to use our solutions in the same way as in Switzerland.” Indeed, since 2015, Switzerland has been developing a collaborative KYC model through the Blockchain Association for Finance.

This innovative architecture allows financial intermediaries to share client data while maintaining control over their information. Thus, onboarding procedures are significantly accelerated, costs reduced, and auditability reinforced, with the blockchain ensuring traceability of exchanges.

Wecan therefore relies on its blockchain expertise to develop a KYC standard compatible with the regulations of various member countries. This project aims to create a more efficient financial ecosystem, where client information would be securely shared among authorized institutions, while respecting local legal frameworks. Thus, Wecan intends to revolutionize KYC management at the continental European level.

Wecan wants to simplify KYC compliance in Luxembourg

Luxembourg, one of the most influential financial centers in Europe, plays a central role in Wecan Group’s expansion strategy. Hosting numerous financial institutions, Luxembourg represents a key market for Wecan’s solutions. Wecan Group sees it as an opportunity to enhance compliance standards by introducing an innovative approach, offering Luxembourg institutions the possibility to pool their KYC efforts while ensuring the confidentiality of client data.

With its expertise, Wecan will be able to develop advanced features such as automatic data verification, thus establishing a new standard for regulatory compliance. This approach will greatly simplify the onboarding processes and management of multi-bank wealth.

Wecan Group embodies innovation in the service of regulatory compliance. Its solution revolutionizes KYC practices, offering European financial institutions a collaborative, secure, and scalable approach.