PBA launches a national, blockchain based, eKYC platform for banking industry.

KARACHI -- Pakistan Banks' Association (PBA), on behalf of all its member banks, signed the project contract for the development and execution of Pakistan's first, blockchain based, national eKYC banking platform with the Avanza Group. The signing ceremony was held at the PBA office in Karachi on March 2, 2023.

The ceremony was attended by PBA Chairman, Muhammad Aurangzeb, who is also President HBL; Akhter Javed, Director BPRD, SBP; Tawfiq Hussain, CEO PBA, the signatory for PBA; Waqas Mirza, CEO Avanza Innovations; and Omer Khan, CEO, Avanza Solutions (Pvt) Ltd; the signatory for Avanza.

The eKYC (electronic Know Your Customer) project is part of SBP's ongoing efforts to strengthen the control infrastructure for Anti Money Laundering (AML)/Terrorist Financing (TF) in the country. PBA has been overseeing the planning and management of the project on behalf of the banking industry, under the aegis of the State Bank of Pakistan. In addition to strengthening AML controls, the deployment of this platform will bring about efficiencies at participating banks and will result in improvement in customer...

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