First Blockchain KYC Prototype Hits Singapore Banking Sphere
Leading Singaporean financial institutions have launched a Blockchain prototype for managing KYC obligations.
In a release today quoted by various local news outlets, Mitsubishi UFJ Financial Group, OCBC Bank and HSBC said they had successfully completed a way for identity procedures to be carried out using Blockchain technology.
The prototype came in partnership with the Infocomm Media Development Authority (IMDA), a Singapore government board run under the auspices of the state’s communications ministry.
Singapore thus becomes one step closer to realizing its longer-term goals of deploying Blockchain structures at the state level.
“This willingness to experiment is crucial in achieving our vision of a dynamic Digital Economy for a Smart Nation,” IMDA CEO Tan Kiat How commented quoted by Business Times.
“We are heartened that financial institutions are developing innovative fintech solutions to improve productivity and deliver a better experience to their customers.”
The KYC solution focuses on customer data sharing between member institutions subject to customer agreement.
"Our pioneering efforts have resulted in a KYC process that will not only enhance customer convenience but will improve the industry’s operating efficiencies while reducing financial fraud and crime,” OCBC head of e-business Pranav Seth added.