{"id":46255,"date":"2023-03-06T04:58:32","date_gmt":"2023-03-06T08:58:32","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46255"},"modified":"2023-03-06T04:58:35","modified_gmt":"2023-03-06T08:58:35","slug":"pba-agrees-on-blockchain-based-kyc-system","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/pba-agrees-on-blockchain-based-kyc-system\/","title":{"rendered":"PBA agrees on blockchain-based KYC system"},"content":{"rendered":"\n

The Pakistan Banks' Association (PBA), a collection of 31 traditional banks operating in Pakistan have agreed to the creation of a Know Your Customer <\/a>(KYC) platform based on blockchain technology.<\/p>\n\n\n\n

\"PBA
PBA agrees on blockchain-based KYC system<\/figcaption><\/figure>\n\n\n\n

According to the Daily Times, the PBA inked the project contract on March 2\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to create Pakistan's first national eKYC banking platform based on blockchain.<\/p>\n\n\n\n

The State Bank of Pakistan is leading the program, which aims to improve anti-money laundering skills while preventing the financing of terrorism.<\/p>\n\n\n\n

International institutions including the Industrial and Commercial Bank of China, Citibank, and Deutsche Bank are among the member banks. Also, the blockchain platform will increase operational effectiveness, mainly with a focus on enhancing the onboarding experience for customers.<\/p>\n\n\n\n

\n

A momentous occasion! \ud83e\udd1d

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.#AvanzaGroup<\/use><\/svg><\/span><\/a> #AvanzaInnovations<\/use><\/svg><\/span><\/a> #AvanzaSolutions<\/use><\/svg><\/span><\/a> #demystifyingthefuture<\/use><\/svg><\/span><\/a> #PBAeKYC<\/use><\/svg><\/span><\/a> pic.twitter.com\/2XMcxHoanL<\/use><\/svg><\/span><\/a><\/p>— Avanza Group (@avanzagrp) March 3, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Consonance, a blockchain-based eKYC platform that will be used by member institutions to standardize and exchange client data via a decentralized and self-regulated network, is being developed by the Avanza Group. Banks will be able to evaluate both existing and potential consumers thanks to the consent-based sharing of customer information.<\/p>\n\n\n\n

Pakistan recently adopted new regulations to assure the introduction of a CBDC by 2025, joining other nations in the race to build a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n

\"\"
Global CBDC initiatives overview. Source: Atlantic Council<\/figcaption><\/figure>\n\n\n\n

Electronic money institutions will receive licenses from the SPB for issuing CBDC. Deputy Governor of SBP Jameel Ahmad remarked, “These historic laws are a tribute to the SBP's dedication toward transparency, adoption of technology, and digitization of our financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pakistan Banks’ Association (PBA), a collection of 31 traditional banks operating in Pakistan have agreed to the creation of a Know Your Customer (KYC) platform based on blockchain technology. According to the Daily Times, the PBA inked the project contract on March 2 to create Pakistan’s first national eKYC banking platform based on blockchain. […]<\/p>\n","protected":false},"author":12,"featured_media":46261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[202,13658,13657],"class_list":["post-46255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-blockchain","tag-ekyc","tag-pba"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/image-11.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46255"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/46261"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}