Dubai Economy and Emirates NBD go live with the UAE KYC Blockchain Platform

Dubai Economy and Emirates NBD go live with the UAE KYC Blockchain Platform

Dubai Economy and Emirates NBD announced the go-live of the UAE KYC (Know-Your-Customer) Blockchain Platform, an initiative which facilitates secure digital customer onboarding, instant bank account functionality and sharing of verified KYC data between licencing authorities and financial institutions via advanced distributed blockchain technology. This market-leading initiative is powered by norbloc, a global leader in blockchain KYC technology.

The initiative, which was first announced in February 2020, is set to become a nationwide ecosystem for an exchange of verified KYC data. The project is fully supported by Smart Dubai and the Central Bank of UAE who play a key regulatory role in the initiative. Meanwhile, the Commercial Bank of Dubai, ADCB, HSBC, and RAKBANK are also set to go live very soon.

"We are very proud to announce that the UAE KYC Blockchain Platform is now production-ready with over 120 companies already instantly onboarded by Emirates NBD with active and operational bank accounts. This is one of the initiatives that contributes to Agenda Number One of Dubai Model which focuses on improving customer experience," Omar Bushahab, CEO of Business Registration & Licencing (BRL) sector in Dubai Economy, said. "This marks a key milestone in establishing a UAE-wide ecosystem for KYC data sharing