Dubai Economy and DIFC to unify their corporate e-KYC Platforms
Thursday, 04 08 2021, Category: Economy, Country: U.A.E
Dubai: Dubai Economy and Dubai International Financial Centre (DIFC) Authority have signed an agreement to consolidate efforts and expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC Platform, making it the first such platform in the region. It will facilitate faster, more secure and streamlined customer onboarding and allow sharing of verified e-KYC data between licensing authorities and financial institutions through advanced distributed technologies.
The founding Consortium Members include Dubai Economy, Dubai International Financial Centre, Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank. The first phase went live in 2020 and more entities have joined since resulting in the platform holding close to 50 per cent of corporate e-KYC records in UAE.
“This pioneering blockchain initiative demonstrates the rapid advancements in technology implementation made by Dubai Economy to facilitate and improve the ease of doing business in the Emirate of Dubai and across the UAE. The Government of Dubai Legal Affairs Department is proud to be one of Dubai Economy’s key strategic partners on this first-of-its-kind initiative for the region where we have provided and continue to provide legal support to Dubai Economy in their consolidation efforts with DIFC and the formation of the Consortium Agreement for the UAE KYC Blockchain Consortium,” His Excellency Dr. Lowai Mohamed Belhoul, Director General of the Government of Dubai Legal Affairs Department, said. “The ability to support this blockchain initiative demonstrates our continuing endeavour to keep pace with the progress achieved by Dubai and to provide expert legal services on niche, complex and rapidly evolving areas of law in line with international best practice, embodying the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai”.