Blockchain
ARV partners with IBM to build a national digital corporate identity system for Thailand’s standardized corporate onboarding process
AI & Robotics Ventures Company Limited (ARV), a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), announces that it is launching a blockchain-based National Digital Corporate Identity (NCID) platform, developed in collaboration with IBM (NYSE: IBM).
The platform will reduce the time it takes for corporate onboarding, also known as Know Your Customer (KYC), at banks. By improving the identity verification of corporate authorized signatories, what used to be a paper-intensive process that could take more than four weeks to complete, is reduced to less than a week. The swifter and leaner process will offer more opportunities for banks and corporates to engage in opportunities which otherwise would have been discouraged due to existing KYC processes.
The NCID platform, the first-of-its-kind digital corporate identity system in ASEAN (Association of South East Asian Nations), incorporates Thailand’s Electronic Transaction Development Agency standards of self-sovereign identity on public blockchain and secure cryptographic key encryption. Developed on IBM Cloud and Red Hat OpenShift, the platform is secured by the industry’s highest FIPS 140-2 Level 4 security certification, implementing the Keep-Your-Own-Key concept to support future scale and expansion.
“Today marks an important milestone where multiple parties, from government agencies, regulators to PTTEP and its banking partners, collaborate to uncover and tackle the bottle-neck challenges of the corporate onboarding process with Web3 technology,” said Sinthu Satawiriya, Head of Ventures at AI and Robotics Ventures. “In collaboration with IBM, this secured platform will unlock new digital banking opportunities between corporates and banks. We believe that the platform and its system will revolutionize the access to digital finance for the entire juristic community across Thailand’s financial and business ecosystem in the near future, in alignment with the Smart Financial Infrastructure effort and ecosystem currently led by the Ministry of Finance and Bank of Thailand.”
“IBM is proud to bring our superior technologies, our proven industry expertise and our hybrid cloud infrastructure to help ARV pioneer the creation and execution of this new digital ID network,” said Sawat Asdaron, Managing Director of IBM Thailand and Managing Partner of IBM Consulting. “This blockchain-based digital ID platform will bring transformational impact, as not only does it speed up processing time markedly, but also will lead to the standardization of corporate identity verification process for banks in Thailand and support the journey towards comprehensive digital infrastructure of our country.
The system will go live on the ASEAN’s first-of-its-kind joint sandbox set up by the Electronic Transaction Development Agency and the Bank of Thailand in early 2022 and will be first used by PTTEP and its banking partners for corporate KYC for treasury and bank accounts.
As the anchor of the network, PTTEP has collaborated with Bank of Thailand, Electronic Transaction Development Agency and their more than 11 partner banks to pilot the platform via ARV.
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Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
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