Today Dubai’s Department of Economic Development (Dubai Economy) and local bank Emirates NBD announced that the UAE Know Your Customer (KYC) platform is now live. The purpose is to speed up the onboarding of new customers by enabling data to be shared by licensing authorities and between banks. Hence customers don’t have to enter all the data themselves.
The project involves a consortium that is overseen by Smart Dubai and the UAE Central Bank. Four other banks, Commercial Bank of Dubai, ADCB, HSBC, and RAKBANK are expected to go live soon.
Emirates NBD has already used the platform to onboard 120 companies as new clients. “This marks a key milestone in establishing a UAE-wide ecosystem for KYC data sharing and instant digital onboarding of companies by financial institutions,” said Omar Bushahab, CEO of Business Registration & Licencing (BRL) sector in Dubai Economy.
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