Streamlining e-KYC platform In Dubai Through Blockchain Technology

Dubai Economy and Dubai International Financial Centre (DIFC) Authority have signed an agreement to make UAE KYC (Know Your Customer) Blockchain Consortium as the national corporate e-KYC Platform.

Announced on their website, the new platform will facilitate faster, more secure and streamlined customer onboarding.

All verified e-KYC data will also be shared between licensing authorities and financial institutions through the use of advanced blockchain technology.

Founding members of the consortium are Dubai Economy, Dubai International Financial Centre, Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank.

“The UAE KYC Blockchain Platform supports the vision of the Invest in Dubai (IID) Portal by facilitating instant opening of bank accounts for investors. A significant number of financial institutions and licensing authorities have decided to onboard the platform and we welcome others to be part of this success story,”, said Abdulla Hassan, CEO, Corporate Support Sector, Dubai Economy.

The platform now holds close to 50% of corporate e-KYC records in UAE since its intial phase last 2020.

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