DIFC, Mashreq Bank, norbloc to launch KYC data sharing consortium

Wednesday 31 July 2019 11:09 CET | News

Dubai International Financial Centre (DIFC), Mashreq, and norbloc have allied to launch the production-ready blockchain KYC data sharing consortium in Q1 2020.

The aim of this partnership is to support businesses and corporates in Dubai, and the alliance has the strategic intent to create a first-to-market platform serving banking sector clients in the UAE. This initiative will facilitate faster, more secure onboarding, and exchange of supporting documentation via advanced distributed technologies, including blockchain. 

Moreover, the program highlights the creation of a Consortium Agreement to govern the mutualisation of KYC efforts among future participating banks, government bodies, financial institutions, and other licensing authorities to subscribe to the platform. norbloc’s enterprise-grade, blockchain-powered ecosystem will be the first in the region to enable customer-controlled KYC data sharing, initially between DIFC and Mashreq Bank. By Q1 2020, companies will be able to digitally create a single KYC record (which will be authenticated with electronic ID) to simultaneously share data with their various financial institutions.

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Keywords: DIFC, Mashreq Bank, norbloc, launch, blockchain, KYC, Know Your Customer, data sharing, consortium, partnership, banking, onboarding, exchange, distributed technologies, banks, government, financial institutions
Countries: World