Sampath Bank and UCSC to develop blockchain-based shared KYC platform
Sampath Bank PLC joined hands with the Central Bank of Sri Lanka (CBSL) on a national initiative that seeks to develop a blockchain technology-based shared know-your-customer (KYC) platform together with the University of Colombo School of Computing (UCSC).
The initial plan is to conduct a proof of concept (POC) project in order to evaluate the feasibility of the concept, which would be a voluntary effort of the selected service providers. The CBSL appraised the proposals from over 40 companies, including 17 foreign companies, before selecting joint applicants Sampath Bank and the UCSC as one of the three entities chosen for this pioneering project.
CBSL Governor Deshamanya Prof. W.D. Lakshman handed over the formal agreement to Sampath Bank PLC Managing Director Nanda Fernando and University of Colombo School of Computing Director Prof. K.P. Hewagamage, in the presence of the representatives from the CBSL and selected applicants, recently.
This long-awaited initiative is set to promote financial inclusion in Sri Lanka by addressing the difficulties faced by the banks and customers in the current KYC data gathering and verification process. The POC would demonstrate how such a solution would facilitate the sharing of KYC information within Sri Lanka’s bank network in a secure and convenient manner by effectively leveraging the unique advantages of blockchain technology.
“It is a great privilege for us at Sampath Bank to have the opportunity to work on such a significant national project, envisioned by the CBSL. We are uniquely poised to deliver a comprehensive, blockchain-based shared KYC solution thanks to our teams’ extensive experience in both banking and technology, especially in developing blockchain-based financial solutions,” said Fernando.
“We look forward to collaborating with all stakeholders from across the country’s banking industry on developing this POC together with the UCSC and seeing how it goes on to transform the sector and thereby empower all Sri Lankans.”
“At Sampath Bank, we have always taken pride in being at the forefront of introducing new banking technology to Sri Lanka’s financial services industry, providing customers with better solutions and greater convenience. Using blockchain to share confidential KYC data will bring about increased opportunities for businesses to access financial services while making significant strides to improve digital financial inclusion,” said Sampath Bank Group Chief Information Officer Ajith Salgado. Being cognisant of the potential of technology to transform the country’s financial services landscape, the CBSL has declared 2020 as the ‘Year of Digital Transactions’ and is rolling out several initiatives such as the shared KYC project under this.
Established in 1987, Sampath Bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer-focused approach to business. Its unique tailormade solutions, superior service and convenience to access have allowed Sampath Bank to further differentiate itself from the competition and stand out as the bank of choice for many in Sri Lanka.