HSBC Goes Live on Dubai Economy’s UAE KYC Blockchain Platform

dubai uae kyc blockchain platform
  • Date: 02-Jul-2021
  • Source: Fintech News…
  • Sector: Financial Services
  • Country: UAE
  • Who else needs to know?

HSBC Goes Live on Dubai Economy’s UAE KYC Blockchain Platform

HSBC has become the fourth founding member to go live on Dubai Economy's UAE KYC (Know Your Customer) Blockchain Consortium.

The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified "know your customer" data between licensing authorities and financial institutions.

The UAE KYC Blockchain Platform supports the vision of the Invest in Dubai (IID) Portal by facilitating instant opening of bank accounts for investors. We are also pleased to see newly onboarded licensing entities and financial institutions in the implementation phase. As the initiative continues to scale up, we hope to see more local and international banks onboard the initiative",

The initiative will lead to significantly improved customer data quality in the UAE, which will underpin the future expansion of the network and its evolving use as a comprehensive customer data ecosystem.

HSBC can now benefit from the KYC data for their customer onboarding as well as receive data updates for their existing customers.

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