Lankapay to launch blockchain-based shared KYC

In a bid to boost adoption of digital financial services in Sri Lanka, Lankapay yesterday announced plans to launch the blockchain-based shared Know Your Customer (KYC) by the end of this month.
Lankapay Chairman Dr. De Zilwa shared that Lankapay has already shortlisted firms, after a two-stage bidding process, to launch the shared KYC, based on the blockchain platform in Sri Lanka. 
Lankapay last year called requests for proposal for supply, delivery, installation, configuration, implementation, commissioning, training and maintenance of a shared KYC system, following the success of the blockchain proof of concept exercise.  The user-friendly shared KYC is expected to encourage consumers to adopt digital financial services, ultimately boosting financial inclusion.
The move is also expected to reduce the operational costs for banks.