Avanza Group Selected to Develop Electronic KYC System for Pakistan Banks’ Association

Date:

Avanza Group Selected to Develop National KYC System

The Pakistan Banks’ Association (PBA) has signed a contract with Avanza Group to develop a blockchain-based know-your-customer (KYC) platform that will operate on a national level. The move is part of the State Bank of Pakistan’s ongoing efforts to strengthen the country’s anti-money laundering and counter-terrorist financing control infrastructure.

Avanza Group, which specializes in advanced banking applications, customer experience management solutions, blockchain, and artificial intelligence, will develop the electronic KYC system for the PBA. The platform, called Consonance, will use blockchain technology to enable banks to exchange personal details via a decentralized and self-regulated network, with customers’ consent.

Avanza Group Tweet
Avanza Group Tweet

Efficient and Inclusive KYC Checks

The PBA said that the deployment of the Consonance platform will bring about efficiencies at participating banks, resulting in an improvement in customer experience and facilitating financial inclusion. Banks will be able to assess existing and new customers using data from KYC checks performed by other participating institutions, minimizing onboarding costs and improving the customer experience.

The implementation of Consonance is set to standardize the KYC process, which will enable banks to exchange personal information effortlessly. By utilizing blockchain technology, this platform assures customers that their data is being handled securely and with their consent. Furthermore, this platform will assist banks in meeting the regulatory standards set by the State Bank of Pakistan, thus reducing the risk of money laundering and terrorism financing.

State Bank of Pakistan’s Views on Blockchain

This adoption illustrates how blockchain technology can provide solutions to various issues, despite the Governor of the State Bank of Pakistan expressing limited belief in the value of cryptocurrency. Nonetheless, the same Governor recognized blockchain’s potential in addressing different challenges. The integration of a blockchain-based KYC platform is a prime example of how this technology can improve banking processes and optimize efficiency.

In conclusion, the banks of Pakistan are taking a wise step that will strengthen the financial system of the nation by implementing a blockchain-based KYC platform at the national level. The improvement of the consumer experience will come from this measure, as well as a contribution to the lessening of global concerns like the financing of terrorism and money laundering.

What is Blockchain?

Blockchain is a decentralized digital ledger that is used to record transactions securely and transparently. It consists of a series of interconnected blocks, each containing a record of a set of transactions. Once a block is added to the chain, it cannot be altered or deleted without also changing all subsequent blocks, making the entire chain tamper-proof. This technology enables secure and transparent transactions without the need for a central authority, making it an attractive option for various applications, including cryptocurrency, supply chain management, and voting systems.

Disclaimer

The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.

Anup
Anuphttps://techrefreshing.com/
Anup is a passionate tech enthusiast and the creator of TechRefreshing.com. With expertise in Crypto, Linux, AI, and emerging technologies, Anup shares insights, tutorials, and tips to keep readers informed and ahead in the ever-evolving tech world. When not writing, Anup explores the latest gadgets and innovations shaping the future.

Share post:

spot_imgspot_img

Popular

More like this
Related

How AI-Powered Robots Are Transforming Everyday Life in 2025

AI-powered robots are no longer a distant dream—they’re here, reshaping daily life in 2025. From cleaning homes and assisting in surgeries to boosting workplace efficiency and sustainable farming, these intelligent machines are blending technology with human needs. Discover how they’re transforming everyday life and what’s next in this robotic revolution!

Microsoft Is Ending Support for Windows 10 – Here’s What to Do Next

Microsoft is ending support for Windows 10 on October 14, 2025, leaving millions of users wondering what’s next. No more free security updates or fixes means your PC could become a sitting duck for cyber threats. But don’t worry – I’ve got you covered! In this guide, we’ll explore why this is happening, what it means for you, and your best options moving forward. From upgrading to Windows 11 (it’s free if your PC qualifies!) to paying for extended updates or even switching to a new device, I’ll break it all down with the latest official data as of March 27, 2025. Whether you’re a casual user or a tech enthusiast, here’s everything you need to know to stay secure and keep your system running smoothly. Let’s dive into your next steps!

LibreOffice 25.2.2 Released with 83 Bug Fixes – Download Now!

LibreOffice 25.2.2 is here! Released on March 27, 2025, this update from The Document Foundation brings 83 bug fixes to the popular open-source office suite. Enhancing stability across Writer, Calc, Impress, and more, it’s perfect for students, professionals, and businesses alike. Download LibreOffice 25.2.2 now from the official website and enjoy a smoother, more reliable productivity experience on Windows, macOS, or Linux.

Chimera Linux: A Fresh Take on Lightweight Distros

Looking for a lightweight Linux distro that’s modern, unique, and free of the usual bloat? Meet Chimera Linux—a non-GNU, from-scratch OS that’s turning heads in 2025. With FreeBSD’s userland, the musl C library, and a sleek dinit init system, Chimera ditches complexity for simplicity without skimping on features like Wayland, ZFS, and rolling updates. As of March 27, 2025, it’s in beta, stable enough for daily use, and supports everything from Raspberry Pis to x86_64 rigs. Curious? Our detailed guide walks you through what makes Chimera special, how to install it step-by-step, and why it’s a fresh take on lightweight distros. Ready to rethink Linux? Dive in!