In March 2023, the Pakistan Banking Association (PBA) announced its plans to create a government-owned blockchain-based eKYC platform for the exchange of banking data, which will gradually improve anti-money laundering (AML) and counter-terrorist financing capabilities in the country.
The project will be implemented by the PBA in collaboration with Avanza Group and overseen by the PBA under the guidance of the State Bank of Pakistan.
According to the plan, this project aims to increase the efficiency of commercial banks by improving the quality of customer service, including account opening.
The implementation of blockchain technology in this initiative will help banks share data more efficiently through a decentralized and self-regulating network. All participating banks will be able to use the platform to evaluate existing and new customers based on data stored securely on the blockchain.