Three Asian banks and a regulator in Singapore have developed a new blockchain KYC process

Three Asian banks and a regulator in Singapore have built up another blockchain proof-of-concept went for streamlining the know-your-customer (KYC) process.

OCBC Bank, HSBC Singapore and the Mitsubishi UFJ Budgetary Gathering (MUFG) mutually declared the customer ID system alongside the Data interchanges Media Advancement Expert (IDMA). The IDMA directs the city-state’s media and data interchanges businesses.

The proof-of-concept stage occurred amongst February and May of this current year, as indicated by the organizations included. The point was to move far from bulky, paper-based methodologies – which can take days or longer to finish – to completely digitized ones. By including a mutual record, banks can check a customer by swinging to data that is being put away and refreshed extra minutes.

In an announcement, IDMA communicated bolster for trial of this nature, especially through the perspective of more extensive work inside Singapore on growing new systems to serve an undeniably advanced economy.

“IMDA supports the ambitious use of technologies to transform businesses and create value to citizens. This willingness to experiment is crucial in achieving our vision of a dynamic Digital Economy for a Smart Nation. Revamping the KYC process using blockchain technology is one such example. We are heartened that financial institutions are developing innovative FinTech solutions to improve productivity and deliver a better experience to their customers.”

With respect to the aftereffects of the trial, the banks said that the result was generally positive. As indicated by OpenGov Asia, the gathering revealed that the system saw noteworthy uptime amid operation and was impervious to altering endeavors.

Looking forward, the banks are said to lean toward extra testing. As per Nikkei, an agent for OCBC said that the gathering would investigate how it may approach propelling bigger scale trials.

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