Dubai Economy and DIFC Collaborate on Blockchain platform
Friday, 04 16 2021, Category: Technology, Country: U.A.E
The Department of Economic Development (Dubai Economy) and the Dubai International Financial Centre (DIFC) have both agreed to come together to expand the scope of their blockchain-based KYC platform across the United Arab Emirates (UAE).
According to the Islamic Finance News on April 13, the Dubai Economy and the DIFC signed an agreement that would enable the expansion plan. The blockchain KYC platform is the first of such projects in the UAE.
Back in February 2020, six financial institutions and licensing authorities in the UAE collaborated to form a KYC blockchain consortium. The platform also partnered with blockchain technology provider Nordbloc, for the initiative.
Meanwhile, the planned unified platform would expedite the customer onboarding process. Data sharing between banks and licensing authorities would speed up the process, thereby preventing customers from going through the time-consuming process of inputting all necessary data by themselves.