Central Bank of Sri Lanka aims for blockchain KYC platform

The Monetary Board of the Central Bank of Sri Lanka has announced plans to develop a blockchain platform expected to speed the processing of bank users’ ID information.

According to CoinDesk, the Monetary Board has now shortlisted three software development companies to be tasked with designing a proof-of-concept (PoC) know-your-customer (KYC) platform. The KYC platform is planned to allow the banking sector and the government to share and update bank customer data in real time on a blockchain.

Furthermore, several banks have given their consent to join the project. The open call was on a voluntary basis; 36 national and international candidates applied for the project in November 2019. The development of the system is expected to take between six and nine months to complete, according to CoinDesk.