Blockchain

Central Bank Of Sri Lanka Looks To Build KYC System On Blockchain Tech

KYC system

The Central Bank of Sri Lanka has a call out for tech companies that can help it develop a blockchain-based know-your-customer (KYC) platform.

The bank made the announcement on its website on Nov. 29, requesting tech companies who can build a “proof of concept” shared KYC system that would allow commercial banks and the central government to share and update customer data on a blockchain.

“The increasing demand for digitalized financial services has created an opportunity for Sri Lanka to evaluate the possibility of adopting Blockchain Technology to further advance Sri Lanka’s financial sector,” the bank’s invitation to apply read. “The Central Bank of Sri Lanka (CBSL) together with experts in Sri Lanka’s Financial and Information Technology (IT) industries, is assessing the possibility of applying Blockchain Technology to streamline Know-Your-Customer (KYC) processes at financial institutions. It is expected that this would facilitate several potential use-cases that will increase efficiencies in the financial sector. It is also expected that it would help increase financial inclusion in Sri Lanka.”

The chosen tech company must have at least two years of experience and a “proven track record of developing and launching mobile applications.”

Sri Lanka joins a list of countries that is looking to embrace blockchain. Just last week, India’s Minister of state for electronics and IT (MeitY) announced that the government is drafting a national framework to expand the deployment of blockchain use cases.

“Ministry of Electronics and Information Technology (MeitY) has identified Blockchain Technology as one of the important research areas having application potential in different domains such as Governance, Banking & Finance, Cyber Security and so on,” wrote Sanjay Dhotre.

In addition, Chinese President Xi Jinping admitted in October that “blockchain’s future is here,” but cautioned his country’s citizens that they “must remain rational.” And the People’s Bank of China (PBoC) recently said it was looking toward new technologies to keep a closer eye on the nation’s FinTech, blockchain and digital lending markets.

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