The Department of Economic Development in Dubai has established a blockchain consortium with six UAE banks, whereby investors be able to open bank accounts instantly.
"KYC (Know Your Customer) Blockchain Consortium" consists of Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.
Through the first KYC blockchain platform to be introduced in the UAE, authenticated and validated KYC data of companies will simultaneously be shared with financial institutions of their preference. This will expedite the opening of a bank account for newly registered companies and reduce the burdensome and costly requirements of managing KYC data for already registered companies. This is in stark contrast to the status quo, whereby multiple paper-based KYC files are redundantly originated and managed in silos.
The consortium has partnered with global blockchain KYC firm norbloc as the technology provider to enable the ecosystem through its Fides KYC Platform while Dubai Pulse is the government-certified blockchain platform enabler.
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