{"id":560018,"date":"2023-03-06T10:30:00","date_gmt":"2023-03-06T07:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/pakistan-banks-agree-on-blockchain-based-kyc-system-development\/"},"modified":"2023-03-06T10:30:00","modified_gmt":"2023-03-06T07:30:00","slug":"pakistan-banks-agree-on-blockchain-based-kyc-system-development","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/pakistan-banks-agree-on-blockchain-based-kyc-system-development\/","title":{"rendered":"# Pakistan banks agree on blockchain-based KYC system development"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a22fe3464215\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a22fe3464215\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/pakistan-banks-agree-on-blockchain-based-kyc-system-development\/#%E2%80%9D_Pakistan_banks_agree_on_blockchain-based_KYC_system_development_%E2%80%9C\" >&#8221; Pakistan banks agree on blockchain-based KYC system development &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Pakistan_banks_agree_on_blockchain-based_KYC_system_development_%E2%80%9C\"><\/span>&#8221; Pakistan banks agree on blockchain-based KYC system development &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>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<\/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 rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailytimes.com.pk\/1068605\/pakistan-banks-association-launches-national-blockchain-based-ekyc-platform\/\">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 rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/AvanzaGroup?src=hash&amp;ref_src=twsrc%5Etfw\">#AvanzaGroup<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/AvanzaInnovations?src=hash&amp;ref_src=twsrc%5Etfw\">#AvanzaInnovations<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/AvanzaSolutions?src=hash&amp;ref_src=twsrc%5Etfw\">#AvanzaSolutions<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/demystifyingthefuture?src=hash&amp;ref_src=twsrc%5Etfw\">#demystifyingthefuture<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/PBAeKYC?src=hash&amp;ref_src=twsrc%5Etfw\">#PBAeKYC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2XMcxHoanL\">pic.twitter.com\/2XMcxHoanL<\/a><\/p>\n<p>\u2014 Avanza Group (@avanzagrp) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/avanzagrp\/status\/1631562708280590336?ref_src=twsrc%5Etfw\">March 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>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><strong><em>India explores offline functionality of CBDCs \u2014 RBI executive director<\/em><\/strong><\/p>\n<p>Joining other countries in the race for an in-house central bank digital currency (CBDC), 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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> 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\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/pakistan-banks-agree-on-blockchain-based-kyc-system-development\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Pakistan banks agree on blockchain-based KYC system development &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":560019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/1180f389-eae1-49d8-9a69-64557cfa4089.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75046,75022,74983,75141,74355,71939,17320],"class_list":["post-560018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cbdc","tag-central-bank","tag-decentralization","tag-kyc","tag-adoption","tag-banks","tag-pakistan"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=560018"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/560019"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=560018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=560018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=560018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}