On April 6, 2023, Pakistani banks, through the PBA, signed a contract to implement an electronic know-your-customer (KYC) system based on blockchain that will function nationally. The signing event took place at the PBA’s office in Karachi, and several officials, including Waqas Mirza, CEO of the Avanza Group, and association chair Muhammad Aurangzeb, were present.

The Avanza Group, a company with expertise in artificial intelligence, modern banking applications, blockchain applications, and client-experience management solutions, will create the platform. Pakistani authorities want to narrow the gap between their country and other Asian countries such as…

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