Three Asian banks and a Singapore regulator develop a new blockchain process for KYC

posted 12 months ago
Three Asian banks and a regulator in Singapore have developed a new blockchain proof-of-concept aimed at streamlining the know-your-customer (KYC) process.

OCBC Bank, HSBC Singapore and the Mitsubishi UFJ Financial Group (MUFG) jointly announced the customer identification system along with the Info-communications Media Development Authority (IDMA). The IDMA regulates the city-state's media and information communications industries.

The proof-of-concept phase took place between February and May of this year, according to the firms involved. The aim was to shift away from cumbersome, paper-based approaches – which can take days or longer to complete – to wholly digitized ones. By including a shared ledger, banks can verify a customer by turning to information that is being stored and updated overtime.
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