Central Bank of Cyprus embraces digital transformation with Aqubix’s KYC Portal CLM
The Central Bank of Cyprus (CBC) has taken a significant step towards modernising its banking sector by awarding a tender to a joint venture between Aqubix and Infocredit Group.
This initiative aims to revolutionise the digital onboarding process in Cyprus, using the KYC Portal CLM, a product specifically designed to streamline the onboarding of new customers and update existing customer data within credit institutions.
The agreement, signed after a competitive tender process, will see the implementation of a solution that promises to transform the Cypriot banking experience. This platform will allow both new and existing credit institution customers to verify and authenticate their details, as well as comply with regulatory requirements, all without needing to physically visit a bank. This marks a significant step in optimising account opening procedures, offering a secure, swift, and highly efficient onboarding experience.
The project has garnered substantial support, thanks in part to an engaging consultative process involving the Central Bank of Cyprus governor. A consortium of leading local banks, including the Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank Public Company Limited, the Cyprus Development Bank, and Eurobank Cyprus, have pledged their active participation in this innovative initiative.
Aqubix Ltd’s CEO, Mr. Kristoff Zammit Ciantar, expressed enthusiasm about the project, stating, “We are thrilled to be part of such a transformative project and immensely proud that a Maltese product is at the heart of the solution being rolled out. A phased deployment strategy has been envisioned, with the initial phase set for early 2024.”
Since its launch in early 2017, KYC Portal CLM by Aqubix has serviced over 80 customers in more than 22 countries across five continents. The product has received several international accolades, including a second RegTech Insight Award this year for the Best Know Your Customer Solution, further solidifying its position as a leader in the FinTech space.