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HSBC joins Dubai Economy’s UAE KYC Blockchain Platform

Dubai: Dubai Economy and HSBC have strengthened the UAE KYC (Know Your Customer) Blockchain Consortium with HSBC becoming the fourth founding member to go live on the platform.

The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified “know your customer” data between licensing authorities and financial institutions. This initiative was launched in February 2020 by Dubai Economy in partnership with founding member banks.

 

The platform comprises members such as Emirates Islamic, Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, HSBC, RAKBANK and Mashreq Bank as well as Dubai Economy and DIFC.

The initiative is powered by norbloc, a global leader in enterprise blockchain technologies that enable sharing of regulated data.

“Dubai Economy is delighted with HSBC going live on the UAE KYC Blockchain Platform. Investors now have an additional choice of digitally opening bank account with the international bank. The UAE KYC Blockchain Platform has transformed the investor bank account journey by significantly reducing the time it takes to establish relationship with banks. This will positively improve UAE’s ranking in global Ease of Doing Business index,” said Omar Al Mehairi, Director of Development and Follow-up Division, the Business Registration & Licensing sector of Dubai Economy.

Source: Gulf News

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