What's Hot

    CBDC Anti-Surveillance State Act Advances Through House Committee

    September 21, 2023

    CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

    September 21, 2023

    Stanford University to Return $5.5 Million in Crypto Gifts from FTX

    September 21, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      News September 21, 2023
      Recent

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      September 21, 2023

      Stanford University to Return $5.5 Million in Crypto Gifts from FTX

      September 21, 2023

      Balancer Attributes Website Hijack to DNS Provider Due to ‘Social Engineering Attack’

      September 21, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Pakistan Banks Association Agree on Blockchain-based KYC System Development
    News

    Pakistan Banks Association Agree on Blockchain-based KYC System Development

    Anietie DavidBy Anietie DavidMarch 6, 2023Updated:March 6, 2023No Comments2 Mins Read
    Pakistan Banks Association Agree on Blockchain-based KYC System Development
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Pakistan Banks Association (PBA), a group of 31 traditional banks operating in Pakistan have signed an agreement to develop a blockchain-based know-your-customer (KYC) platform. On March 2, the PBA signed a project deal to develop Pakistan’s first blockchain-based national ekYC banking platform, The Daily Times reported. The move, which aims to strengthen anti-money laundering capabilities while tackling terrorist financing, is an initiative led by the State Bank of Pakistan (SBP).

    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

    Member banks include international institutions such as the Industrial and Commercial Bank of China, Citibank and Deutsche Bank. In addition, the blockchain platform will increase operational efficiency, with the main goal of improving the customer experience during onboarding.

    Avanza Group has been tasked with developing a blockchain-based eKYC platform called Consonance, which member banks will use to standardize and share customer data over a decentralized and self-regulating network. However, customer data is shared subject to approval, allowing the bank to assess existing and new customers.

    Pakistan Plans to Launch CBDC

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

    The SPB will issue CBDC issuance licenses to e-money institutions. “These landmark regulations are a testament to SBP’s commitment to openness, technology adoption and the digitization of the financial system,” said SBP Deputy Governor Jameel Ahmad.

    Blockchain Cryptocurrency Pakistan Pakistan Banks Association
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleBinance, the world’s leading blockchain and cryptocurrency infrastructure provider, will hold a workshop at Crypto Expo Europe
    Next Article Crypto Exchange Bybit Suspends USD Deposits
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

    September 21, 2023

    Stanford University to Return $5.5 Million in Crypto Gifts from FTX

    September 21, 2023

    Balancer Attributes Website Hijack to DNS Provider Due to ‘Social Engineering Attack’

    September 21, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.