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.
in 25 days
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.
To pave the way for Blockchain-based financial service solutions in Sri Lanka, CBSL has decided to develop a Proof-of-Concept of a Shared KYC Facility and invites all eligible software development companies to apply to develop a POC of the Blockchain-based Shared KYC facility and join this National project.
PLEASE NOTE that the entire Blockchain Technology initiative has been a voluntary effort of Sri Lanka’s financial sector and IT industry as it is a project of national importance. Therefore, this POC development would also be on a voluntary basis.
BENEFITS OF JOINING THE BLOCKCHAIN SHARED KYC POC DEVELOPMENT
The selected software development company will be:
Duly recognized by CBSL for its contribution towards this national project.
Given the opportunity to demonstrate its expertise in Blockchain Technology applications to key financial service sector stakeholders.
Collaborating with the CBSL and prominent financial institutions in the country in applying Blockchain Technology to develop a Shared KYC POC following regulatory and international standards
Application Deadline: 31 December 2019 at 3 PM (Time in Sri Lanka)
Source: The Central Bank of Sri Lanka
Illustration Photo: In collaboration with technology partners KlickEx Group and Stellar.org, a diverse group of banking leaders are working with IBM to simplify the near real-time clearing and settlement of global payment transactions using blockchain technology. Pictured is the user interface of a completed transaction on the platform. (credits: KlickEx / ibmphoto24 / Flickr Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0))