Dubai Economy Joins 6 Banks to Launch KYC Consortium in UAE

Dubai Economy Joins 6 Banks to Launch KYC Consortium in UAE

Government leadership and support strengthens foundation for a nationwide ecosystem enabling exchange of KYC data between financial institutions and licensing authorities. 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.. "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.". Smart Dubai in collaboration with the UAE Central Bank will play a pivotal role in overseeing and regulating the Consortium operations.. "We are happy to see a group of prominent and pioneering entities come together to establish the KYC Blockchain Consortium, bringing together respective datasets in a safe and secure manner to create a new and advanced service that helps investors and further improves ease of doing business in the UAE.". "At RAKBANK, we are thrilled to be a part of the nationwide initiative created by Dubai Economy called 'Instant Bank Account' that aims to digitize the onboarding process, making it more