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Pakistan banks agree on blockchain-based KYC system development

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Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives.

On March 2, PBA signed the project contract for developing Pakistan’s first blockchain-based national eKYC (electronic Know Your Customer) banking platform, reported Daily Times.

The move was aimed at strengthening anti-money laundering (AML) 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, Citi bank and Deutsche Bank.

Moreover, the blockchain platform will improve operational efficiencies — primarily aimed at improving customer experience during the onboarding process.A momentous occasion!

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