Dubai Economy and local bank Emirates NBD have announced the launch of the UAE Know Your Customer (KYC) blockchain platform. The goal is to speed up the registration of new customers by providing data exchange opportunities for licensing authorities and banks. Therefore, customers do not need to enter all the data themselves, while the validation process is reduced by 30%.
Emirates NBD has already used this platform to register 120 companies as new customers. While registration is a priority, banks can also receive status updates for their customers. All current Dubai trading licenses have already been transferred to the blockchain.
Mohammad Al Qaizi, Director of Information Technology in Dubai Economy said:
«Companies can now choose to share their data, in real-time, with the financial institutions of their choice, thus significantly reducing time and cost».
The project involves a consortium controlled by Smart Dubai and the UAE Central Bank. Four other banks, Dubai Commercial Bank, ADCB, HSBC and RAKBANK, are expected to appear on the platform soon. The technology provider is Norbloc, which is also currently involved in a similar proof of concept KYC led by the Central Bank of Sri Lanka.
Image courtesy of Smart Cities