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.
Pakistan Banks Agree to Build a KYC System Based on
Blockchain