DIFC and Mashreq Bank Launch Instant Bank Account Opening with the Region’s First KYC Blockchain Platform

  • Date: 03-Mar-2020
  • Source: Fintech News Middle East
  • Sector:Financial Services
  • Country:UAE
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DIFC and Mashreq Bank Launch Instant Bank Account Opening with the Region’s First KYC Blockchain Platform

Dubai International Financial Centre (DIFC) and Mashreq Bank announced the region's first blockchain data sharing platform, now live in production, to support licensed businesses and corporates opening digital bank accounts instantly.. Growing from an initial "Proof of Concept" to confirm the possibility of using cutting-edge blockchain technology, the KYC platform is now ready and open to all licensing authorities and financial institutions in U.A.E to join DIFC and Mashreq Bank's live blockchain experience for full-scale adoption under a unified nation-wide umbrella.. "As the leading financial centre in the MEASA region, we take great pride in continuously enhancing and evolving the DIFC ecosystem in order to provide a world-class environment for our partners and community to conduct business.. The initiative provides financial institutions and businesses a platform in order to seamlessly undertake operations.. The initiative also marks our commitment to fulfilling the vision of the UAE Banks Federation, Smart Dubai and UAE Central Bank to serve the greater good and promote ease of business,". The first-to-region digital account-opening product for businesses and corporates provided through partnership between DIFC and Mashreq Bank, is a testament of the great potential of using blockchain technology.. DIFC prepares the KYC record during the corporate license