Decrypt reports that this solution is being developed for a consortium of six UAE banks in partnership with blockchain platform and applications provider Norbloc. The consortium comprises: Emirates NBD, Emirates Islamic (the Sharia-compliant subsidiary of Emirates NBD), HSBC Bank Middle East, The National Bank of Ras Al Khaimah, Abu Dhabi Commercial Bank, and Commercial Bank of Dubai.
The platform is expected to launch in Q1 2020, and it aims to facilitate compliance and lenders’ regulatory frameworks. It could ensure compliance with local and international KYC regulations, while reducing the risk of data theft. The blockchain platform is designed to cut down the banks’ cost of managing paper-based KYC data.
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