Singapore Information Communications Media Development Authority (IMDA) has agreed with three different Asian-based banks for a blockchain-based customer information system.
At the end of the jointly developed project, it is aimed to facilitate the process of “knowing the customer well”. Apparently, the banks can be listed as follows: OCBC, Mitsubishi UFJ Financial Group, and HSBC Singapore Bank.
IMDA chief executive Tan Kiat How said that this trial is the institution’s “dynamic and digital economy”.
“IMDA fully supports new technologies being used to change startups for the better and delight citizens.. Initiating new ventures is essential to achieving our vision of a dynamic and digital economy.. Using block An attempt was made between February and May. The aim of this experiment is to transfer transactions made on paper, which can sometimes take days, to a completely digital environment, as it is tiring.
3 partner banks said the result of the trial was predominantly positive, and they are looking forward to future trials.
Also, according to the report from OpenGov Asia, the system It was also said that this innovative technology, adapted to the database, plays a key role in preventing crimes such as money laundering and transferring money to terrorist organizations.
Singapore is also leading the cryptocurrency industry with its work on blockchain-based payment systems for non-bank registered individuals.
Join our Telegram channel to be informed about all developments and shares!