ADIB becomes first Islamic bank to go live on KYC Blockchain Platform

ADIB becomes first Islamic bank to go live on KYC Blockchain Platform

Abu Dhabi – Abu Dhabi Islamic Bank (ADIB) has become the first Islamic bank that went live on the UAE’s KYC (Know Your Customer) Blockchain Platform.

Through the platform, which is a national ecosystem for the exchange of verified KYC data between licensing authorities and financial institutions, all authenticated and validated KYC data of firms will be shared simultaneously with financial institutions of their preference.

KYC Blockchain Platform is expected to accelerate the opening of bank accounts for newly registered companies while paving the way for a less cumbersome and costly process of managing KYC data for firms already registered with the system, according to a press release.

It will also facilitate a faster, more secure onboarding and exchange of digital customer data and documents; this will be carried out through advanced blockchain-powered distributed technologies.

The initiative was launched in February 2020 by Dubai’s Department of Economy and Tourism (DET) with the partnership of four founding member banks; three listed lenders which are Emirates NBD, Commercial Bank of Dubai (CBD), and Abu Dhabi Commercial Bank (ADCB), in addition to HSBC.

Currently, KYC Blockchain Platform has expanded after the joining of Dubai International Financial Centre (DIFC), Ras Al Khaimah Free Trade Zone (RAKEZ), RAK International Corporate