A group of 31 traditional banks operating in Pakistan approved developing a blcokchain-based KYC system.
On March 2, PBA signed the project contract for developing Pakistan’s first blockchain-based national eKYC banking platform,Daily Times. The move was aimed at strengthening anti-money laundering capabilities while countering terror financing — an initiative led by the State Bank of Pakistan .
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’ Association and Avanza Group signed the Project Contract for Pakistan’s first Blockchain based National Banking Platform in Karachi on 2nd March 2023.
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