Dubai Economy and DIFC Authority to expand UAE KYC Blockchain Consortium

Wednesday 7 April 2021 12:41 CET | News

Dubai Economy and Dubai International Financial Centre (DIFC) Authority have signed an agreement to expand the UAE KYC (Know Your Customer) Blockchain Consortium.

This move positions the solution as the national corporate eKYC platform. It will offer customer onboarding and allow sharing of verified eKYC data between licensing authorities and financial institutions through advanced distributed technologies.

The founding consortium members include Dubai Economy, Dubai International Financial Centre, Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, RAKBANK, and Mashreq Bank.

The first phase went live in 2020 and more entities have joined since, resulting in the platform holding close to 50% of corporate eKYC records in UAE.

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Keywords: eKYC, digital onboarding, banks, distributed ledger technology
Categories: Banking & Fintech
Countries: United Arab Emirates
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Banking & Fintech

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