05 Oct '17, 4pm

Singapore Media Regulator Partners with Asian Banks to Pilot Blockchain-based Customer Identification System

Singapore Media Regulator Partners with Asian Banks to Pilot Blockchain-based Customer Identification System

Singaporean regulator Infocommunications Media Development Authority (IMDA) has partnered with three Asian banks for the trial of a new Blockchain technology-based customer identification system proof-of-concept to streamline the know-your-customer (KYC) process. The banks are OCBC Bank, Mitsubishi UFJ Financial Group (MUFG), and HSBC Singapore. According to IMDA chief executive officer (CEO), Tan Kiat How, the trial forms part of their strategy to create a dynamic digital economy. "IMDA supports the ambitious use of technologies to transform businesses and create value for 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 prod...

Full article: https://cointelegraph.com/news/singapore-media-regulator-...

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