Dubai Economy and HSBC Strengthen UAE’s KYC Blockchain Platform
Dubai Economy and HSBC have strengthened the UAE KYC (Know Your Customer) Blockchain Consortium, with HSBC becoming the fourth founding member to go live on the platform.
The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified “know your customer” data between licensing authorities and financial institutions. This market-leading initiative was launched in February 2020 by Dubai Economy in partnership with the founding member banks. The initiative is powered by norbloc, a global leader in enterprise blockchain technologies that enable the sharing of regulated data.
“Dubai Economy is delighted to bring HSBC online on the UAE KYC Blockchain platform. Investors now have an additional choice of opening a bank account digitally with the international bank. The UAE KYC Blockchain platform has transformed the investor bank account journey by dramatically reducing the time it takes to establish a relationship with banks. This will positively improve UAE’s ranking in the Global Ease of Doing Business Index, said Omar Al Mehairi, Director of Development and Monitoring Division of Dubai Business Registration and Licensing Sector. Economy.
The UAE KYC Blockchain platform supports the vision of the Invest in Dubai (IID) portal by facilitating the instant opening of bank accounts for investors. We are also delighted to see the licensing entities and newly integrated financial institutions in the implementation phase. As the initiative continues to expand, we hope to see more local and international banks join the initiative, ”added Omar Al Mehairi.
The initiative will lead to a significant improvement in the quality of customer data in the UAE, which will support the future expansion of the network and its scalable use as a complete customer data ecosystem. HSBC can now take advantage of KYC data for customer onboarding and receive data updates for existing customers.
Abdulfattah Sharaf, Group General Manager, CEO of HSBC UAE and Head of International, HSBC Bank Middle East Limited, said: “HSBC’s ambitious growth strategy in the United Arab Emirates is based on investments in digital infrastructure such as the UAE platform KYC Blockchain. By being able to access up-to-date KYC data directly from Dubai Economy, we will be able to serve customers faster and focus more on their core banking needs. ”
This is another important step after the recent agreement between Dubai Economy and Dubai International Financial Center (DIFC) Authority to consolidate efforts and expand the UAE’s Know Your Customer (KYC) Blockchain Consortium, positioning it as the national enterprise e-KYC platform the first such platform in the region.
Astyanax Kanakakis, CEO and co-founder of norbloc, said: “The norbloc team is delighted with the performance of the UAE KYC Blockchain platform. With the addition of each participating institution such as HSBC, the Fides-based platform, on which the ecosystem operates, delivers more value, efficiency gains and lower costs to its members. This cutting-edge technology provides a significantly better KYC experience for clients and institutions, and it will continue to provide more benefits to attendees as it grows and more features are added.