Yesterday, Dubai’s Department of Economic Development (Dubai Economy), along with six banks, established a blockchain consortium for sharing verified know your customer (KYC) company data between banks and licensing authorities in the UAE.
The participants in the ‘KYC Blockchain Consortium’ include Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank (ADCB), and Commercial Bank of Dubai (CBD). It aims to enable a faster, onboarding for company bank accounts to bolster business in the country.
“The platform will offer a digital ‘Instant Bank Account’ functionality, allowing for faster and less cumbersome onboarding journey with banks and significantly improving the experience of new investors looking to establish themselves in the UAE. This, in turn, will boost customer satisfaction as well as ease of doing business in the UAE as a whole,” said Ali Ibrahim, Deputy Director-General of Dubai Economy.
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