Central Bank of Sri Lanka Calls Tech Companies to Build Blockchain-based KYC System

Central Bank of Sri Lanka Calls Tech Companies to Build Blockchain-based KYC System

On November 29, 2019, the Central Bank of Sri Lanka announced that they are looking for tech companies that can help in developing the KYC (Know Your Customer) platform based on blockchain. The bank wants to build a ‘proof of concept’ shared KYC system that will help all the commercial banks and the central government in sharing and updating data of customers on the blockchain.

According to the bank’s invitation, there is a huge demand for digitalizing the financial services, and now, Sri Lanka has an opportunity to adopt blockchain technology in its financial sector. The Central Bank of Sri Lanka (CBSL), along with Sri Lanka’s Financial and Information Technology (IT) industries, is searching for ways to apply blockchain technology on KYC processes done in financial sectors. This system will help in increasing the financial efficiencies in the financial field. In the future, it is also expected that it will also increase the financial involvement in Sri Lanka.

There is an eligibility criterion for the tech companies that will be working on this project. The company must have at least two years of experience and a guaranteed track record of building and launching mobile applications.

Sri Lanka is now connected with many countries to embrace blockchain. In the previous week, India’s Minister of State for Electronics and IT (MeitY) declared that their government is creating a national framework to widen the blockchain-based deployment use cases. According to MeitY, blockchain technology is an important research area with applications in different sectors like banking & finance, cybersecurity, governance, etc.

Similarly, in October, the President of China, Xi Jinping, said that there is a great future of blockchain but, it is necessary for the citizens of the country to remain rational. According to the People’s Bank of China (PBoC), they were also looking for the adaption of new technologies to monitor the FinTech, digital lending markets, and blockchain of the country.

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