HSBC partners with Dubai Economy to support UAE KYC blockchain platform

HSBC partners with Dubai Economy to support UAE KYC blockchain platform

UAE - Mubasher: HSBC has joined the UAE KYC (Know Your Customer) blockchain consortium to become the fourth founding member bank to go live on the platform.

Launched in February 2020 by Dubai Economy in partnership with founding member banks, the UAE KYC blockchain platform allows for the exchange of verified 'know your customer' data between licensing authorities and financial institutions, according to a press release on Sunday.

The platform is powered by norbloc, a global leader in enterprise blockchain technologies that enable sharing of regulated data.

The Director of Development and Follow-up Division at the Business Registration & Licensing sector of Dubai Economy, Omar Al Mehairi, said that the blockchain platform comes in line with the Invest in Dubai (IID) Portal, as it facilitates the instant digital opening of bank accounts for investors.