Yesterday the Dubai International Financial Centre (DIFC) announced a
Know your Customer (KYC) blockchain consortium, in conjunction with Mashreq Bank and KYC blockchain developer norbloc.
The intention is to launch a production-ready KYC platform in the first quarter of 2020. The aim is to enable faster customer onboarding by exchanging documents with the help of blockchain and other distributed technologies. Speed improvements will be the result of ‘mutualizing’ KYC efforts amongst banks, financial institutions and government bodies.
There will be a joint Proof of Concept (PoC) focused on validating the identities of corporates, with DIFC and Mashreq Bank as the participants. However, the plan is for the platform to be open to other institutions.
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