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S'pore group working on Know Your Customer blockchain system

The consortium, which includes 3 banks, said to be the first in South-east Asia

Published Tue, Oct 3, 2017 · 09:50 PM

Singapore

THE Republic is yet another step closer to using blockchain technology to improve Know Your Customer (KYC), currently one of the most tedious, complex and highly regulated of financial processes.

A consortium formed by OCBC, HSBC, Mitsubishi UFJ Financial Group and Singapore's Infocomm Media Development Authority has successfully completed a proof-of-concept (POC) for a KYC blockchain, the parties announced on Tuesday.

This is believed to be the first time in South-east Asia that a consortium comprising three banks is join…