An association of banks in Pakistan, the Pakistan Banks’ Association (PBA) has revealed plans to implement a blockchain-based know-your-customer (KYC) platform.
The report which will be developed by Avanza Group seeks to enable banks to standardize and exchange personal details via a “decentralized and self-regulated network,” he said.
Reports state that the electronic KYC system is part of ongoing efforts of the State Bank of Pakistan (SBP) to strengthen the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) control infrastructure.
“In addition to strengthening AML controls, the deployment of this platform will bring about efficiencies at participating banks and will result in improvement in customer experience,” detailed the PBA, which has been overseeing the project on behalf of its members.
This development seeks to minimize onboarding costs and improve customer experience when opening an account, thus “facilitating financial inclusion,”
