Sri Lanka’s Central Bank chooses Swedish tech company to develop block chain
The Central Bank of Sri Lanka (CBSL) has reportedly said it had chosen three parties which includes domestic and Swedish tech companies to develop block chain based shared know your customer (KYC) solutions for the financial system.
Sampath Bank PLC together with the University of Colombo School of Computing, norbloc AB from Sweden and Sri Lanka based Yaala Labs (Pvt) Ltd and Linearsix (Pvt) Ltd have been selected to develop proof of concepts, according to Economynext.
Over 40 companies, including 17 foreign companies had applied to develop proof of concepts for block chain based KYC.
In his remarks, the Governor stated that “as we live in a world where every aspect of our lives is becoming digital,
“..The Central Bank has taken a lot of effort to improve the digital financial infrastructure of Sri Lanka,” Central Bank Governor W D Lashman has said in a press statement.
“Evaluating the feasibility of using a technology such as Block chain to securely share KYC information has the potential to vastly increasing digital financial inclusion of Sri Lankans.
“Shared KYC opens avenues to seek opportunities for increasing the access to financial services through digital and remote onboarding.”
OSL take:
The business/investment opportunities in Sri Lanka have not declined due to the Covid 19 situation in the country. The new normal faces faced by the world due to Covid 19 has resulted in huge business opportunities in the ICT sector. The business/investment opportunities in Sri Lanka have seen a massive increase in the past few months. Sri Lanka’s ICT sector has become a hotspot for business/investment opportunities in the country.
| Article Code : | VBS/AT/14072020/Z_2 |