Abu Dhabi’s Adib goes live on UAE KYC blockchain platform

Abu Dhabi’s Adib goes live on UAE KYC blockchain platform

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DUBAI  / GULF TIME

Abu Dhabi Islamic Bank (Adic) has become the first Islamic bank to go live on the UAE KYC (Know Your Customer) Blockchain Platform, a national ecosystem for the exchange of verified KYC data between licensing authorities and financial institutions.

Dubai’s Department of Economy and Tourism (DET) launched the initiative in 2020 in partnership with a group of four founding member banks: Emirates NBD (ENBD), Commercial Bank of Dubai (CBD), Abu Dhabi Commercial Bank (ADCB), and HSBC. Today, the platform has expanded, with DIFC, RAKEZ, RAK ICC, Mashreq Bank and WioBank also joining the system. The UAE KYC Blockchain Platform will facilitate a faster, more secure onboarding and exchange of digital customer data and documents through advanced blockchain-powered distributed technologies, a first of its kind in the region.

Ahmad Khalifa AlFalasi, CEO, Dubai Business Licence Corporation, commented: “We are pleased to welcome Abu Dhabi Islamic Bank to our growing blockchain ecosystem. Our strategic partnerships with banks to launch the first KYC blockchain platform in the UAE is an important step towards attracting global investors to this market. Through this advanced mechanism, we aim to further