HSBC has announced that it has successfully onboarded to the UAE Know Your Customer (KYC) Blockchain Platform founded by Dubai Economy, making it the first overseas bank and fourth founding member of the platform to go live.
With HSBC’s addition to the platform, investors will be offered the option of digitally opening an account with the international bank using data that has already been verified by another bank, with sharing enabled between banks on a P2P basis via a blockchain solution.
Identity verification is a lengthy and costly process, often requiring banks to outsource client data validation to big accounting consultancies. The platform allows banks to reroute the process of identity verification.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
