Proposals invited for developing Sri Lankan blockchain KYC platform

Proposals invited for developing Sri Lankan blockchain KYC platform

Sri Lankan blockchain KYC platform is coming soon! Sri Lankan Central Bank has invited applications for building a ‘Know Your Customer’ system based on blockchain technology. On November 29, it sent out invites on an open proposal on its official website that invited applications from tech firms for the development of a shared KYC platform that will support the banks in the country.

The central bank mentioned how more and more digital transactions are transforming the country’s monetary sector. The need to implement more digital financial services now demands that a suitable blockchain-based ‘Know Your Customer’ solution is built that will propel the Asian country’s financial sector even further. To solve this quandary, the bank proposed building a strong and efficient KYC platform.

Sri Lankan blockchain KYC platform needed for financial inclusion

The project will aim to forge deeper collaboration between the South Asian country’s monetary realm and the IT industry. It will certainly involve the country’s technological and financial experts. Consumer information on a blockchain platform will surely benefit both the state-backed and private sector banks as it will help streamline the country’s rather scattered banking system.

The ‘shared KYC’ platform aims to create a system that integrates uploading, sharing, and updating a bank’s customer data using advanced blockchain mechanism. Certainly, it will boost the efficiency of the country’s banking realm allowing the government to increase its outreach to the poorer sections of the society. The aim is to boost financial inclusion in society.

Sri Lankan blockchain KYC platform to boost the country’s financial realm

The details on the project are scarce, and there’s limited information in the official statement. As per the proposal, further details about the Sri Lankan blockchain KYC platform will be shared with a company that meets its criteria. Any firm with an experience of two years and a credible history of mobile application development is invited to fill the application.

In October this year, Sri Lanka’s credibility as a rising financial power was bolstered when FATF removed it from its list of countries with strategic deficiencies. This development bought it in the league of countries that was improving its financial infrastructure and strengthened its monetary frameworks.

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Gurpreet Thind

Written by Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.