The partnership aims to provide excellent service, as well as protect clients’ information and avoid fraud, by launching ShoCard’s blockchain-based identity management solution along with the KYC solution from SettleMint.
Expected benefits of the system once deployed include: reduced cost and duplication for identity management, reduced fraud (a borrower can no longer take a loan against the same asset from multiple banks), allowance for the exchange of customer information: data on wire transfers and investigatory reports (Suspicious Activity Reports), improved management of AML, and improved customer satisfaction.
Bank AlJazira, established in 1976, is a prominent Islamic Bank in Saudi Arabia and continues to take a leading position in digital banking and fintech development.
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