Пакистанские банки договорились о разработке системы KYC на основе блокчейна

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

On March 2, the PBA signed the project contract to develop Pakistan’s first blockchain-based national eKYC banking platform, as reported by the Daily Times. The move aims to strengthen Anti-Money Laundering 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, Citibank and Deutsche Bank. Moreover, the blockchain platform will improve operational efficiencies, primarily aimed at improving customer experience during onboarding.


A momentous occasion!

Pakistan Banks’ Association (PBA) and Avanza Group signed the Project Contract for Pakistan’s first Blockchain based National Banking Platform in Karachi on 2nd March 2023.#AvanzaGroup #AvanzaInnovations #AvanzaSolutions #demystifyingthefuture #PBAeKYC pic.twitter.com/2XMcxHoanL

— Avanza Group (@avanzagrp) March 3, 2023

End of Quote.

The Avanza Group has been tasked to develop the blockchain-based eKYC platform named “Consonance,” 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 — allowing banks to assess existing and new customers.

Joining other countries in the race to develop a central bank digital currency (CBDC), Pakistan recently signed new laws to ensure the launch of a CBDC by 2025.

Global CBDC initiatives overview. Source: Atlantic Council

СПБ будет выдавать лицензии учреждениям электронных денег на выпуск CBDC. “Эти знаковые правила свидетельствуют о стремлении СБП к открытости, внедрению технологий и оцифровке нашей финансовой системы”, – сказал заместитель управляющего СБП Джамиль Ахмад.