- Dubai Economy and HSBC have strengthened the UAE KYC Blockchain Consortium
- This will facilitate the instant opening of bank accounts for investors
The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified “know your customer” data. More so, it is the data between licensing authorities and financial institutions.
Dubai Economy in partnership with founding member banks launched this market-leading in February 2020. Norbloc is the company behind it. To note, norbloc is a global leader in enterprise blockchain technology. It enables sharing of regulated data.
To announce the news, the Director of Development and Follow-up Division in BRL sector, Dubai Economy, Omar Al Mehairi, said,
Dubai Economy is delighted with HSBC going live on the UAE KYC Blockchain Platform. Investors now have an additional choice of digitally opening bank account with the international bank. The UAE KYC Blockchain Platform has transformed the investor bank account journey by significantly reducing the time it takes to establish relationship with banks.
Further, he added that this will positively improve UAE’s ranking in the global Ease of Doing Business index. Moreover, he said the UAE KYC Blockchain Platform supports the vision of the Invest in Dubai Portal. With this, it facilitates the instant opening of bank accounts for investors.
According to Omar Al Mehairi, the initiative will lead to improved customer data quality in the UAE. Besides, this will underpin the future expansion of the network. And also, its evolving use as a full customer data ecosystem. Therefore, HSBC can now benefit from the KYC data for their customer onboarding. Also, receive data updates for their existing clients.
CEOs of HSBC and Norbloc Are Happy To Have Aided With the Project
Abdulfattah Sharaf, Group General Manager, CEO of HSBC said by being able to access up-to-date KYC data directly from Dubai Economy, they will serve customers faster. And focus more on their core banking needs. Astyanax Kanakakis, CEO and co-founder of norbloc, also expressed himself. He said they are happy with the performance of the UAE KYC Blockchain platform.