Dubai introduces instant bank account for new entrepreneurs – ZAWYA

Dubai introduces instant bank account for new entrepreneurs – ZAWYA

"KYC (Know Your Customer) Blockchain Consortium" consists of Emirates NBD, Emirates Islamic, HSBC, Rakbank, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.. He said the initiative will eventually become a nationwide ecosystem and invited other financial institutions and licensing authorities to join this initiative.. The KYC platform will be launched in the first quarter of 2020 at which point it will open for additional qualified financial institutions and licensing authorities to join.. Smart Dubai in collaboration with the UAE Central Bank will play a pivotal role in overseeing and regulating the Consortium operations.. Geoff Stecyk, COO of RakBank, said they 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 seamless, secure and frictionless..