The Department of Economic Development (DED) in Dubai has set up a blockchain Know Your Customer (KYC) consortium with six major banks.
Called the “KYC Blockchain Consortium”, the new blockchain-based regulatory platform is designed to accelerate processes such as exchanging customer data and digital documents while ensuring security. The project also intends to bring a unified platform of KYC efforts among existing ecosystem members. Qualified financial institutions and licensing authorities will be able to exchange information quickly and efficiently.
The six banks involved in the effort include Emirates Bank NBD, HSBC, Emirates Islamic, RAKBank, Abu Dhabi Commercial Bank and Dubai Commercial Bank, owned by the Government of Dubai.
“Our strategic alliance with banks to launch the first KYC blockchain platform in the Emirate is an important step towards continually attracting investors to this market,”
said Ali Ibrahim, deputy general manager of Dubai Economy.
“The platform will provide a digital functionality” Instant Bank Account “, allowing faster and less cumbersome customer boarding with banks. It will also significantly improve the experience of new investors wishing to settle in the United Arab Emirates. “
he said.
Smart Dubai in collaboration with the Central Bank of the Emirate
The consortium will determine the reciprocity of KYC efforts between participants in existing ecosystems on a common platform. The KYC platform will launch in the first quarter of 2020.
The initiative is part of the Smart Dubai Extended Plan, in collaboration with the Central Bank of the United Arab Emirates. It will play a key role in overseeing and regulating consortium operations.
“Smart Dubai has made significant progress in its plans to embrace advanced technologies and adapt them to services that ensure a better quality of life and a higher level of happiness for all residents and visitors of the city. Blockchain is a discovery of great importance to us; we see huge potential to streamline services and operations, saving time, money and resources for everyone involved – individuals, companies or governments ”,
said Wesam Lootah, CEO of Smart Dubai Government Establishment
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