The registry will use blockchain technology for transactions and client identity.
Philippine banks will soon see the launch of the digital banking identification (ID) registry as the Bankers Association of the Philippines is targeting its kick off in 2019 in a bid to further financial inclusion, reports BusinessWorld.
Member-banks will benefit by allowing data storage and exchange, thereby setting the foundation for electronic know-your customer procedures. The scheme will be powered by blockchain technology to vet transactions and client identity.
“Several of the BAP member-banks are already developing the systems to be able to interface with the ID registry,” the association said.
The newly-elected BAP president and Bank of the Philippine Islands CEO Cezar Consing vowed that their association will push for cybersecurity measures and focus on environmental, social, and governance projects.
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