31 Traditional Pakistan Banks Has Agreed To Create A Blockchain-based National eKYC Banking Platform

Key Points:

• The Pakistan Banking Association (PBA) has become the first organization in Pakistan to sign a project contract for the development of “Consonance,” Pakistan’s first blockchain-based national eKYC banking platform.
• The national eKYC banking infrastructure, which is based on blockchain technology, is intended to boost anti-money laundering capabilities while also combating terror funding.

The Pakistan Banking Association (PBA) has become the first organization in Pakistan to sign a project contract to build Pakistan’s first national eKYC banking infrastructure using blockchain technology.

The Pakistan Banking Association (PBA) is developing Pakistan’s first blockchain-based national eKYC banking platform, which will be called “Consonance.” The PBA has signed a project contract to construct the platform. An endeavor that is being sponsored by the State Bank of Pakistan, this action is intended to develop skills related to anti-money laundering (AML) while also combatting terrorist funding (SBP). In addition to this, the blockchain platform will improve operational efficiency, the primary goal of which is to enhance the experience of customers throughout the onboarding process.

PBA is a collection of 31 conventional banks that are currently operating in this country. The PBA has major financial institutions such the Industrial and Commercial Bank of China, Citibank, and Deutsche Bank as members. The platform will be utilized by member banks in order to standardize and facilitate the sharing of client data across a network that is decentralized and self-regulatory. However, client records will only be shared with the customer’s approval, which will allow the bank to evaluate both its current and potential new customers.

The country recently passed new rules to assure the introduction of a central bank digital currency (CBDC) by the year 2025, joining other countries in the race to build a central bank digital currency (CBDC). Electronic money institutions will be able to receive licenses from the SPB in order to issue CBDCs. “These landmark regulations are a testament to the SBP’s commitment toward openness, adoption of technology, and digitization of our financial system,” said Jameel Ahmad, Deputy Governor of the SBP. “The SBP is committed toward openness, adoption of technology, and digitization of our financial system.”

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