Challenger banks are shaking up the traditional banking system by offering innovative and customer-focused services, with a particular focus on overlooked markets. Tyme Group, a Singapore-based digital bank, is one such challenger bank that aims to serve the unbanked population in emerging markets. However, the rapid expansion of challenger banks raises concerns about the adequacy of their Know Your Customer (KYC) procedures and the potential for fraudulent activities. Strong KYC measures are crucial for verifying customer identity and reducing the risk of financial crime, and governments and regulatory bodies should ensure that challenger banks meet strict KYC requirements. Investors should also consider the social and ethical implications of investing in these banks.