Pakistan Banks’ Association, Syed Muhammad Talib Rizvi.
The new platform will allow banks to share customer information in a secure and efficient manner, reducing the time and cost associated with traditional KYC procedures. The system will also help to prevent fraud and money laundering by providing a more comprehensive view of customers’ financial activities.
The blockchain-based platform will be decentralized and self-regulated, meaning that no single entity will have control over the network. This will ensure that customer data is kept secure and private, while also allowing for greater transparency and accountability.
The PBA hopes that the new platform will help to improve the overall banking experience for customers in Pakistan, making it easier and more convenient to open and maintain accounts. The system is expected to be rolled out in the coming months, with a number of banks already expressing interest in participating.
Speaking at the signing ceremony, Muhammad Aurangzeb, Chairman of the PBA, said: “We are excited to be working with Avanza Group on this innovative new platform. By leveraging blockchain technology, we can create a more secure and efficient KYC process that will benefit both banks and customers.”
The move comes as part of a wider push by the Pakistani government to promote the use of blockchain technology in various sectors, including finance, healthcare, and agriculture. The country has already launched a number of blockchain-based initiatives, including a digital currency pilot project and a blockchain-based property registration system.
With the launch of the new KYC platform, Pakistan is set to become a leader in the adoption of blockchain technology in the banking sector, paving the way for greater innovation and efficiency in the years to come.
