The CBSL announced it was assessing the possibility of applying blockchain to streamline know-your-customer processes at financial institutions. It said it was expected that this would facilitate several potential uses-cases that will increase efficiencies in the financial sector and help financial inclusion in the country.
To pave the way for blockchain-based financial service solutions in Sri Lanka, the CBSL decided to develop a proof of concept of a shared KYC facility and called for all eligible software development companies to apply to develop a POC of the blockchain-based shared KYC facility and join this national project.