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Sri Lanka Joins Hands with Blockchain for Proposing a Better KYC Platform

Sri Lanka Joins Hands with Blockchain for Proposing a Better KYC Platform.

  • Sri Lanka’s authorities have collaborated with the Blockchain platform in order to create a better Know Your Customer platform.
  • This will help bringing a digital financial revolution in the country.

Sri Lankan banks are try to seek out to Blockchain platform in order to maintain a better database and Know Your Customer system for the banking and financial sector.

Bank officials commented, that it is a good time to look into different technology and with this much demand of digital financial services it is possible and advisable to accept new emerging technology like blockchain technology into the country which will help in financial development of the country.

This project will be a large scale program for the country; it will be involving Sri Lanka’s central bank, Sri Lanka’s Tech Sector and many of the country’s top experts in the field of tech finance and tech industries.

Expectations from the project

The aim for the project is to create a system which will be able to collect and maintain a database for the central and commercial banks of the country via the platform of Blockchain.

In a press release bank officials said, it is an important step in order to bring a new era of banking in the country, through this step they would be able to provide better upgraded services to the people of Sri Lanka and will increase the financial flow in the country.

Safety measures

The officials have decided certain safety protocol regarding the sharing of data through this KYC platform, the information will be shared with only very specific peoples, and the criteria for sharing is that information will only be shared with the companies which have the experience of at least 2 in the market and have a background in creation of mobile applications.

Though because of the increased defenses of the country the project was once placed in the speculations of government authorities like Financial Action Task Force (FATF), anti-money laundering / counter the financing of terrorism (AML/CFT). But now it have been cleared by all the authorities and the project is good to roll.

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About Anurag Agarwal

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Anurag Agarwal is a writer for Thecoinrepublic. He is pursuant of B.tech in biotechnology from M.I.E.T Meerut, who's passion is to read and express through the medium of words. He is contributing the regular in-depth analysis of News and updates.

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