{"id":22504,"date":"2023-03-05T23:45:20","date_gmt":"2023-03-06T07:45:20","guid":{"rendered":"https:\/\/coinnetworknews.com\/pakistan-banks-agree-on-blockchain-based-kyc-system-development\/"},"modified":"2023-03-05T23:45:20","modified_gmt":"2023-03-06T07:45:20","slug":"pakistan-banks-agree-on-blockchain-based-kyc-system-development","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/pakistan-banks-agree-on-blockchain-based-kyc-system-development\/","title":{"rendered":"Pakistan banks agree on blockchain-based KYC system development"},"content":{"rendered":"<div data-v-48054ca8=\"\">\n<p>Pakistan Banks\u2019 Association (PBA) \u2014 a group of 31 traditional banks operating in Pakistan \u2014 signed off on the development of a blockchain-based platform for <a href=\"https:\/\/cointelegraph.com\/trading-for-beginners\/what-is-kyc-and-why-do-crypto-exchanges-require-it\">Know Your Customer (KYC)<\/a> initiatives.\u00a0<\/p>\n<p>On March 2, PBA signed the project contract for developing Pakistan\u2019s first blockchain-based national eKYC (electronic Know Your Customer) banking platform, <a href=\"https:\/\/dailytimes.com.pk\/1068605\/pakistan-banks-association-launches-national-blockchain-based-ekyc-platform\/\" target=\"_blank\" rel=\"noopener nofollow\">reported<\/a> Daily Times. The move was aimed at strengthening anti-money laundering (AML) capabilities while countering terror financing \u2014 an initiative led by the State Bank of Pakistan (SBP).<\/p>\n<p>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 \u2014 primarily aimed at improving customer experience during the onboarding process.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A momentous occasion! <\/p>\n<p>Pakistan Banks\u2019 Association (PBA) and Avanza Group signed the Project Contract for Pakistan\u2019s first Blockchain based National Banking Platform in Karachi on 2nd March 2023.<a href=\"https:\/\/twitter.com\/hashtag\/AvanzaGroup?src=hash&amp;ref_src=twsrc%5Etfw\">#AvanzaGroup<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/AvanzaInnovations?src=hash&amp;ref_src=twsrc%5Etfw\">#AvanzaInnovations<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/AvanzaSolutions?src=hash&amp;ref_src=twsrc%5Etfw\">#AvanzaSolutions<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/demystifyingthefuture?src=hash&amp;ref_src=twsrc%5Etfw\">#demystifyingthefuture<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/PBAeKYC?src=hash&amp;ref_src=twsrc%5Etfw\">#PBAeKYC<\/a> <a href=\"https:\/\/t.co\/2XMcxHoanL\">pic.twitter.com\/2XMcxHoanL<\/a><\/p>\n<p>\u2014 Avanza Group (@avanzagrp) <a href=\"https:\/\/twitter.com\/avanzagrp\/status\/1631562708280590336?ref_src=twsrc%5Etfw\">March 3, 2023<\/a><\/p><\/blockquote>\n<p>Avanza Group has been tasked to develop the blockchain-based eKYC platform named \u2018Consonance,\u2019 which will be used by member banks to standardize and exchange customer data via a decentralized and self-regulated network. However, the customer details will be shared based on consent \u2014 allowing banks to assess existing and new customers.<\/p>\n<p><strong><em>Related: <\/em><\/strong><a href=\"https:\/\/cointelegraph.com\/news\/india-explores-offline-functionality-of-cbdcs-rbi-executive-director\"><strong><em>India explores offline functionality of CBDCs \u2014 RBI executive director<\/em><\/strong><\/a><\/p>\n<p>Joining other countries in the race for an in-house <a href=\"https:\/\/cointelegraph.com\/cryptocurrency-regulation-for-beginners\/what-is-a-cbdc-why-central-banks-want-to-get-into-digital-currencies\">central bank digital currency (CBDC)<\/a>, Pakistan recently signed new laws to ensure the launch of a CBDC by 2025. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/46c730f6-ad40-43e2-8026-f253c53ca851.png\"\/><figcaption style=\"text-align: center;\"><em>Global CBDC initiatives overview. Source: Atlantic Council<\/em><\/figcaption><\/figure>\n<p>The state bank, SBP, will issue licenses to EMIs for CBDC issuance. \u201cThese landmark regulations are a testament to the SBP\u2019s commitment toward openness, adoption of technology and digitization of our financial system,\u201d said Deputy Governor of SBP Jameel Ahmad in this regard.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/pakistan-banks-agree-on-blockchain-based-kyc-system-development\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pakistan Banks\u2019 Association (PBA) \u2014 a group of 31 traditional banks operating in Pakistan \u2014 signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives.\u00a0 On March 2, PBA signed the project contract for developing Pakistan\u2019s first blockchain-based national eKYC (electronic Know Your Customer) banking platform, reported Daily Times. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6],"tags":[4284,241,1128,2221,4838,4837,405],"_links":{"self":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/22504"}],"collection":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/comments?post=22504"}],"version-history":[{"count":0,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/22504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media\/22505"}],"wp:attachment":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media?parent=22504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/categories?post=22504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/tags?post=22504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}