It is known that the demand for digital asset services is reportedly increasing and it has created the opportunity for countries to put the possibility of adopting Blockchain Technology to test for further advancement, especially in the financial sector.
Following that, The Central Bank of Sri Lanka (CBSL) has joined hands with subject matter experts in Sri Lanka’s Financial and Information Technology industries in evaluating the chances of applying Blockchain Technology to streamline [su_tooltip style=”dark” position=”top” shadow=”no” rounded=”yes” size=”default” title=”KYC” content=”The process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship.” behavior=”hover” close=”no” class=””]Know Your Customer (KYC)[/su_tooltip] processes at financial institutions.
As a step for paving the way for Blockchain-based financial service solutions in Sri Lanka, CBSL has decided to develop a [su_tooltip style=”dark” position=”top” shadow=”no” rounded=”yes” size=”default” title=”POC” content=”Realization of a certain method or idea in order to demonstrate its feasibility, or a demonstration in principle with the aim of verifying that some concept or theory has practical potential.” behavior=”hover” close=”no” class=””] Proof-of-Concept (POC)[/su_tooltip] of a Shared KYC facility and invited all eligible software development companies to apply to develop a POC of the Blockchain-based Shared KYC facility and join this National project.
Notably, the Financial Action Task Force’s (FATF) Anti-Money Laundering/Counter the Financing of Terrorism (AML/CFT) has removed Sri Lanka from its “strategic deficiencies” blacklist in October this year, confirming the country’s credibility as a rising financial power.
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