SINGAPORE – A Singaporean government authority, along with three large Asian banks, OCBC Bank, HSBC Singapore and the Mitsubishi UFJ Financial Group (MUFG), revealed an innovative blockchain proof-of-concept intended at restructuring the know-your-customer (KYC) procedure.
The Info-communications Media Development Authority (IDMA), who made this announcement controls Singapore’s media and information communications industries.
In a report, IDMA conveyed backing for examinations of increasing innovative procedures to aid an increasingly digital 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,” said CEO Tan Kiat How.