Past Events

Blockchain can help the financial industry improve its Know Your Customer (KYC) processes by providing solutions for managing compliance obligations and costs. At a Chamber luncheon on 27 November, Rana Datta, Head of KYC for Asia at Refinitiv, explained that several characteristics of blockchain make it a theoretically advantageous technology in the KYC space. These include enhanced privacy, greater transparency and the immutability of records. On the flip side, Datta also illustrated a number of practical challenges which need to be addressed to make the use of blockchain feasible, which include access to government databases, technological viability and the high cost of development and implementation of blockchain-enabled solutions.
 

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