Sri Lanka, Swedish firms asked to develop blockchain based KYC

ECONOMYNEXT – Sri Lanka’s central bank said it had chosen three parties which includes domestic and Swedish tech companies to develop blockchain based shared know your customer solutions for the financial system, in a pioneering move.

Sampath Bank PLC together with the University of Colombo School of Computing, norbloc AB from Sweden and Sri Lanka based Yaala Labs (Pvt) Ltd and Linearsix (Pvt) Ltd have been selected to develop proof of concepts.

Over 40 companies, including 17 foreign companies had applied to develop proof of concepts for blockchain based KYC.

In his remarks, the Governor stated that “as we live in a world where every aspect of our lives is becoming digital,

“..The Central Bank has taken a lot of effort to improve the digital financial infrastructure of Sri Lanka,” Central Bank Governor W D Lashman said in a statement.

“Evaluating the feasibility of using a technology such as Blockchain to securely share KYC information has the potential to vastly increasing digital financial inclusion of Sri Lankans.

“Shared KYC opens avenues to seek opportunities for increasing the access to financial services through digital and remote onboarding.”

Assistant Governor R A A Jayalath had the proof of concepts will not only help Sri Lanka understand the technology but also at a global level.