Central Bank of Sri Lanka to Build Blockchain-Powered KYC System

Asia Blockchain Review
December 12, 2019

The Central Bank of Sri Lanka posted an open call on its website on November 29, revealing that the bank is seeking companies which can develop a know-your-customer (KYC) platform on a blockchain.

Adopting Blockchain in the Financial Sector

The bank has stated that it is keen to implement blockchain technology in order to cater to the demands of customers in the financial sector, reported Coindesk.

“The increasing demand for digitalised 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,” according to the bank’s announcement on its website.

The central bank also disclosed that the “shared KYC” system it is looking for should enable commercial banks and the central government to send information between different parties using a blockchain platform. 

“It is expected that this would facilitate several potential use-cases that will increase efficiencies in the financial sector,” the bank revealed, adding that it will help increase financial inclusion in the country.

Developing a KYC Platform with Tech Experts

Meanwhile, the central bank said it will share the “high-level design” of the KYC system with only the chosen company, which must possess “a proven track record of developing and launching mobile applications” and at least two years of experience. 

The financial sector in Sri Lanka has been accelerating its digital transformation to stay relevant with global financial regulations with some success. Earlier in October, the country was removed from the “strategic deficiencies” blacklist at the Financial Action Task Force’s anti-money laundering/counter the financing of terrorism (AML/CFT).

Source: https://www.coindesk.com

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