Sri Lanka Shortlists Three Firms to Build Shared KYC Facility

Source: Regulation Asia Editors, Regulation Asia 2020-07-08

The three shortlisted firms will begin work on a proof-of-concept, which is expected to be completed in six to nine months.

CBSL (Central Bank of Sri Lanka) has reportedly shortlisted three companies to create a proof-of-concept for a blockchain-based shared KYC platform.

The central bank invited software development companies to apply to help in the development of the PoC in December.

CBSL received 36 applications, from both domestic and overseas firms, of which three were shortlisted (one overseas).

The three firms will now begin working on the PoC. Development is expected to be completed in six to nine months, following which the PoC will be validated by Sri Lanka’s National Payment Council and assessed for approval by CBSL’s Monetary Board.

Following the approval, CBSL will float RFPs (request for proposals) to select a firm for implementation.

CBSL

PoC

Sri Lanka Shortlists Three Firms to Build Shared KYC Facility

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