Dubai: 6 Banks to Launch the First KYC Blockchain Consortium in UAE

Dubai: 6 Banks to Launch the First KYC Blockchain Consortium in UAE

Dubai Economy, along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank (ADCB) and Commercial Bank of Dubai (CBD), has formed a consortium for sharing of verified KYC (Know Your Customer) data between banks and licensing authorities in the UAE.. Part of the strategic focus of Dubai Economy on enhancing ease of business in Dubai and supporting the smart transformation of the emirate's economy, the 'KYC Blockchain Consortium' will facilitate a faster, more secure onboarding and exchange of digital customer data and documents through advanced blockchain-powered distributed technologies, a first of its kind in the region.. This in turn will boost customer satisfaction as well as ease of doing business in the UAE as a whole.". "We are excited to onboard some of the leading banking institutions to establish what will eventually become a nationwide ecosystem and we invite other financial institutions and licensing authorities to join in this initiative.". The KYC platform will launch in the first quarter of 2020 at which point it will open for additional qualified financial institutions and licensing authorities to join.. The future vision is for the Consortium-run ecosystem is to serve the greater good by improving ease of doing business as