Poland’s largest bank will start a blockchain solution for its customer documents with a partnership with UK-based Coinform soon. PKO Bank Polski will apply Coinform’s Tradatum to provide blockchain-issued paperwork to its account holders while protecting customers’ data with better security.
The vice president of the bank’s management board, Marciniak, said that applying blockchain technology to the Polish banking field will boost the competitiveness.
The project was introduced in March with the European Union’s PSD2 privacy directive. When the blockchain was introduced and about to launch in the banking industry, cryptocurrency businesses in the country complained about favourable stance from institutions.
Pawel Kuskowski, the CEO and cofounder of Coinfirm, stated that the circumstance proves that Polish financial industry still contains potentials to more innovative movement and be international setting.
In May, PKO started to employ fintech startups who can state “Let’s Fintech With PKO Bank Polski” under blockchain partnership. Executives are searching for fintech companies which are ready to pilot their solutions and have positive concerns about partnership with the Bank.
Author: Jieun Lee