Dubai Economy Launches KYC Blockchain Consortium
Dubai Economy has established KYC Blockchain Consortium in partnership with Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank and Commercial Bank of Dubai
Dubai Economy has launched KYC (Know Your Customer) Blockchain Consortium, in partnership with six UAE banks, including Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank and Commercial Bank of Dubai. This is the first KYC blockchain platform to be launched in the country and will help new businesses, freelancers and investors open a bank account instantly. It will enable authenticated data of companies to be shared with selected financial institutions, helping expedite the process of opening a bank account, while reducing the cost of managing KYC data. Currently, physical records are maintained for the KYC data.
Speaking about the new platform, Deputy Director-General Dubai Economy, Ali Ibrahim said, "The platform will offer a digital 'Instant Bank Account' functionality, allowing for faster and less cumbersome onboarding journey with banks and significantly improving the experience of new investors looking to establish themselves in the UAE. This in turn will boost customer satisfaction as well as the ease of doing business in the UAE as a whole."
Global blockchain KYC firm norbloc is the technology provider for this platform through its Fides KYC Platform while Dubai Pulse is the UAE government’s certified blockchain platform enabler. The new KYC platform will become functional in the first quarter of 2020 and other financial institutions and licensing authorities will also be able to join it then.
Commenting on blockchain technology, CEO Smart Dubai Government Establishment, Wesam Lootah said, “Smart Dubai has made significant headway in its plans to embrace advanced technologies and tailor them into services that ensure better quality of life and higher levels of happiness for all of the city’s residents and visitors. Blockchain is a breakthrough of particular importance for us; we see in it tremendous potential to streamline services and operations, saving time, money, and resources for everyone involved – individuals, companies, or governments.”