This platform becomes a national system for the exchange of verified customer data.
The Dubai Department of Economic Development (DED) and the State Bank Emirates NBD are implementing their so-called KYC blockchain platform from the United Arab Emirates.
120 local companies have already registered with Emirates NBD on the platform
First revealed in February 2020 The new blockchain platform enables digital customer onboarding, immediate bank account functions and verified KYC data exchange between licensed authorities and financial institutions. DED and Emirates NBD announced the news on July 28 The platform has more than 120 companies on board the bank that already have active bank accounts.
According to the announcement, Emirates NBD is the first bank to be active on the platform. The bank will mainly work with small and medium-sized companies to digitally integrate them. Also can open bank accounts immediately via the E20 Digital Business Bank from Emirates NBD.
In the first phase of the project Dubai Economy has moved all active business licenses to the blockchain platform, which represents over 40% of all active business licenses in the UAE.
The project is in line with the government’s vision for digitization
As previously reported The new project is supported by the main local authorities. These include the UAE Central Bank and the government-sponsored Smart Dubai innovation office. According to DED and Emirates NBD, the platform will soon include several banks, including one Dubai Commercial Bank, Abu Dhabi Commercial Bank, HSBC and RakBank.
Omar Bushahab, Managing Director of the corporate registration and licensing sector at DED, He found that the UAE’s KYC blockchain platform complied with the government’s demand for digitization. He said:
“This is an important milestone in building an ecosystem in the UAE for KYC data exchange and the immediate digital integration of companies from financial institutions. It is in line with the government’s vision of digitization and paper disposal as key strategies that enable continuity and sustainability. “
The United Arab Emirates has become an important global jurisdiction in recent years and is positive about the blockchain and cryptocurrency industry. Earlier this year, the Islamic Bank of Abu Dhabi was the first Islamic bank to conduct trade finance distribution transactions using blockchain technology. The Abu Dhabi Global Market, an international financial center and a free zone, is apparently preparing for the start of crypto trading in 2020.