The blockchain-based national eKYC banking platform aims to strengthen Anti-Money Laundering capabilities while countering terror financing. 3403 Total views 35 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT The Pakistan Banks Association (PBA) a group of 31 traditional banks operating in Pakistan signed off on developing a blockchain-basedKnow Your Customer (KYC) platform.
On March 2, the PBA signed the project contract to develop Pakistans first blockchain-based national eKYC banking platform, asreportedby the Daily Times. The move aims to strengthen Anti-Money Laundering capabilities while countering terror financing an initiative led by the State Bank of Pakistan (SBP).
The member banks include international establishments such as the Industrial and Commercial Bank of China, Citibank and Deutsche Bank. Moreover, the blockchain platform will improve operational efficiencies, primarily aimed at improving customer experience during onboarding.
A momentous occasion!
Pakistan Banks Association (PBA) and Avanza Group signed the Project Contract for Pakistans first Blockchain based National Banking Platform in Karachi on 2nd March 2023.#AvanzaGroup #AvanzaInnovations #AvanzaSolutions #demystifyingthefuture #PBAeKYC pic.twitter.com/2XMcxHoanL— Avanza Group (@avanzagrp) March 3, 2023
The Avanza Group has been tasked to develop the blockchain-based eKYC platform named Consonance, which will be used by member banks to standardize and exchange customer data via a decentralized and self-regulated network. However, the customer details will be shared based on consent allowing banks to assess existing and new customers.
Related: India explores offline functionality of CBDCs RBI executive director
Joining other countries in the race to develop acentral bank digital currency (CBDC), Pakistan recently signed new laws to ensure the launch of a CBDC by 2025. Global CBDC initiatives overview. Source: Atlantic Council
The SPB will issue licenses to electronic money institutions for CBDC issuance. These landmark regulations are a testament to the SBPs commitment toward openness, adoption of technology and digitization of our financial system, said Deputy Governor of SBP Jameel Ahmad. #Blockchain #Banks #Central Bank #Decentralization #Pakistan #Adoption #KYC #CBDC
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