The blockchain-based system will allow them to exchange the personal information of customers through what they describe as a decentralized and self-regulated network.Pakistan Banks’ Association has signed a contract for the implementation of a blockchain-based know-your-customer 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 to strengthen the country’s anti-money laundering and counter-terrorist financing 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.Consonance, the e-KYC platform designed by Avanza, uses blockchain technology to enable banks to standardize and exchange personal details via a “decentralized and self-regulated network.
Banks will be able to make assessments of their existing and new customers using the data from KYC checks performed by other participating institutions. This should minimize onboarding costs and improve customer experience when opening an account, thus “facilitating financial inclusion,” the PBA insisted.that he sees few good use cases for crypto. At the same time, he acknowledged that blockchain technology can be useful with its potential to solve many problems.
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But such a long-term holding currency is not suitable for relatively flat poor countries. On average for that kind of investment is not much gain. They will only seek day trading
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Does it mean that Pakistan will now be using crypto currency?
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Source: Cointelegraph - 🏆 562. / 51 Read more »