The consortium is comprised of Singapore government and several major banks, has completed the first in the ASEAN region the concept of the blockchain “Know your customer” (Know Your Client – KYC). The consortium also includes the banking giant HSBC, the largest Bank of Japan – Financial group Mitsubishi UFJ (MUFG) and OCBC Bank, says Cryptocoinsnews.

KYC allows you to record, access, and distribute information across a distributed network among participating banks. In fact, banks will be able to register, check and share information about the client, with the consent of the client, efficient, safe and instant way.

Encrypted customer data can be confirmed in other public registers, tax authorities and credit bureaus. Thus, the use of KYC negates the need for manual checks, for banks and for customers.

“We are pleased that financial institutions develop innovative FINTECH solutions to improve productivity and provide better services to its customers,” says Executive Director of the Infocomm Media Development Tan Kiat How.

Earlier it was reported that Singapore digitize the national currency – the Singapore dollar on the Ethereum platform.

Read also: Ukraine translates the State land cadastre on the blockchain

Singapore turned the banking system on the blockchain 04.10.2017

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