According to a Feb 19 report, the Department of Economic Development (DED) of Dubai has established a Know-Your-Customer (KYC) blockchain-powered consortium with 6 major banks.
The banks involved in the consortium include Dubai government-owned bank Emirates NBD, HSBC, Emirates Islamic, RAKBank, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.
This new blockchain-based regulatory platform is dubbed “KYC Blockchain Consortium”. It is design to speed up processes like exchange of digital customer data documents, while maintaining security.
The project also aims to bring a unified platform of KYC efforts among old and upcoming ecosystem members. Target consumers of this project include qualified financial institutions and licensing authorities.
Per the report, the KYC Blockchain Consortium, which is scheduled for launch in Q1 2020, will purportedly become the maiden project of its kind in the region.
The Deputy Director General of the DED, Ali Ibrahim noted the project aims to bring more investment to the region. He claims their strategic alliance with banks to launch the first KYC blockchain platform in the UAE is an important step towards continuing to attract investors to this market.
The new ecosystem further hopes to boost business as well as regulatory compliance in the UAE. As reported, the operations of the Consortium-powered ecosystem will be monitored by the UAE Central Bank and Smart Dubai authority.
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