The ceremony was attended by PBA Chairman, Mr. Muhammad Aurangzeb, who is also President HBL; Mr. Akhter Javed, Director BPRD, SBP; Mr. Tawfiq Hussain, CEO PBA, the signatory for PBA; Mr. Waqas Mirza, CEO Avanza Innovations; and Mr. Omer Khan, CEO, Avanza Solutions (Pvt) Ltd; the signatory for Avanza.
The eKYC (electronic Know Your Customer) project is part of SBP’s ongoing efforts to strengthen the control infrastructure for Anti Money Laundering (AML)/Terrorist Financing (TF) in the country. PBA has been overseeing the planning and management of the project on behalf of the banking industry, under the aegis of the State Bank of Pakistan.
In addition to strengthening AML controls, the deployment of this platform will bring about efficiencies at participating banks and will result in improvement in customer experience, especially at the time of account opening, thus facilitating financial inclusion.
Avanza Group’s eKYC platform, ‘Consonance’, is being implemented for PBA. The platform will use blockchain technology through which banks will be able to standardize and exchange, with customers’ consent, their details via a decentralized and self-regulated network. This will be a support platform for Pakistan’s banking industry and all participating member banks will be able to perform assessments of their existing, as well as new customers, by utilizing information/ data available with any other bank on ‘Consonance’.
In the words of Allama Iqbal, "Power is more divine than the truth." Yet, for…
For the era of distressed tidings around us and the associated stalemate, no one quote…
India's consistent betrayal of promises to Kashmiris and blatant disregard for UNSC Resolutions on J&K…
ISLAMABAD/LONDON: One of Britain’s senior most and respected Consultant Paediatrician, Professor Abdul Rashid Gatrad…
Recently, the US has imposed sanctions on many corporations. Three of the 12 companies…
Coke Studio releases the sixthsong from Season 15, Chal Chaliye, bringing the inimitable vocals of…
Leave a Comment