Dubai has formally introduced its first Blockchain KYC platform to draw more global businesses with an instant bank account. On March. 1, Dubai International Financial Centre (DIFC) and Mashreq bank announced the launch of their new blockchain data-sharing platform.
The platform allows licensed businesses and corporations to open digital bank accounts instantly by verifying their identities via an internal blockchain. The KYC platform, that builds on the consortium formed between DIFC and Mashreq bank in July 2019, is available to all UAE-based corporates and banks. It will make it easier for new companies to do business in the UAE, removing existing paper-based KYC processes.
With the customer’s consent, the information is then shared electronically with Mashreq via blockchain. This initiative provides financial institutions and businesses with a platform in order to seamlessly undertake operations.
Meanwhile, DIFC and Mashreq have conceptualized a framework on key principles that would facilitate large-scale adoption by other participants as well as calling other banks and licensing authorities to join the ecosystem.
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