Banks of Pakistan Looking to Employ Blockchain for KYC Checks
Banks of Pakistan Looking to Employ Blockchain for KYC Checks
Pakistan Banks’ Association (PBA) has signed a contract for the implementation of a blockchain-based know-your-customer (KYC) platform which will be developed by Avanza Group. The latter unites companies specializing in advanced banking applications, customer experience management solutions, blockchain, and artificial intelligence.
The signing ceremony was held at the industry organization’s office in Karachi on Thursday and was attended by a number of officials, including its Chairman, Muhammad Aurangzeb and the CEO of Avanza Innovations, Waqas Mirza, the PBA announced.
The project to create 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, a press release elaborated.
“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.
