In Dubai, a Blockchain Consortium Will be Created to Exchange KYC Data

Dubai International Financial Center (DIFC), Mashreq Bank and Fintech-firm Norbloc will create a blockchain consortium to exchange KYC data.

Emirates News, the official news agency of the United Arab Emirates, reports that the partnership participants are planning to launch a consortium in the first quarter of 2020 to support their business in Dubai.

Within the framework of the project, the parties will conclude an agreement on the creation of a consortium in order to unite efforts to collect KYC data of participating financial institutions and government bodies. It is assumed that the program will create a unified digital data registry, which will subsequently enable users to exchange data with other financial institutions.

“This initiative provides a unique opportunity to use innovative technologies to ensure smooth operation for both newly created and already operating companies in the center,” said DIFC General Director Arif Amiri.

Dubai actively supports the introduction of the blockchain in various areas. In June, the city authorities signed an agreement on the introduction of the blockchain in real estate. In addition, in May, the government of Dubai and Mashreq Bank presented a blockchain-based mortgage platform.

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In April, it was reported that a government organization responsible for transforming state-level services using advanced technologies Smart Dubai approved the blockchain platform of the local telecom operator Du. Last fall, the American corporation IBM announced the launch of a blockchain platform in partnership with the government of Dubai.