Dubai Economy and Emirates NBD go live on ‘know-your-customer’ data platform – The National

Dubai Economy and Emirates NBD go live on ‘know-your-customer’ data platform – The National

The initiative facilitates secure digital customer onboarding, instant bank account functionality and exchange of verified KYC data through blockchain





























Emirates NBD and Dubai Economy have launched their UAE KYC Blockchain Platform. Pawan Singh / The National





















July 28, 2020



July 28, 2020













Dubai Economy and Emirates NBD are now live on the UAE KYC Blockchain Platform, which is set to become a nationwide ecosystem for exchange of verified customers' data.



The initiative facilitates secure digital customer onboarding, instant bank account functionality and sharing of verified KYC - or Know-Your-Customer - data between licensing authorities and financial institutions through blockchain technology, Dubai Economy and Emirates NBD said in a joint statement on Tuesday.



The platform, first announced in February this year, is supported by Smart Dubai and the Central Bank of UAE. Commercial Bank of Dubai, Abu Dhabi Commercial Bank, HSBC, and RakBank are also set to go live soon, the statement added.



"[The] platform is now production-ready with over 120 companies already instantly onboarded by Emirates NBD with active and operational bank accounts,“