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Sri Lanka Looks to Blockchain for KYC

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Sri Lankan Central Bank has invited applications for building a ‘Know Your Customer’ system based on blockchain technology.

On Nov. 29, the bank 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.

A “shared KYC” system as outlined by the press release would allow commercial banks and the central government to share and update customer data on a blockchain. 

“It is expected that this would facilitate several potential use-cases that will increase efficiencies in the financial sector,” and “help increase financial inclusion in Sri Lanka,” the release said. 

Between the Central Bank and the Tech Sector

The project is a collaboration between the Central Bank of Sri Lanka and the tech sector in the country, as it involves experts working in the tech and finance industries. When it comes to what a shared KYC type of system would offer, this would allow the government and commercial banks to both update and share their customer information on a blockchain.

The press release also mentioned it’s expected for the financial efficiency to increase and Sri Lanka to become financially included in the global system. The Central Bank will share the platform’s design with the company it selects, which has to have at least 2 years of experience and a record in launching and developing mobile apps.

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