Dubai - DIFC to Launch Blockchain Consortium
Thursday, 08 01 2019, Category: Technology, Country: U.A.E
A new partnership between the Dubai International Financial Centre (DIFC), Mashreq Bank, and fintech firm Norbloc aims to launch a blockchain-based Know Your Customer (KYC) data-sharing consortium in 2020. The official United Arab Emirates news agency, Emirates News Agency, reported on the new development on July 31.
The DIFC, Mashreq Bank and Norbloc — a Stockholm-based blockchain project focused on KYC and a member of the Hyperledger consortium — are planning to jointly launch the consortium in the first quarter of 2020 to support businesses in Dubai.
As part of the project, the parties will establish a consortium agreement to amalgamate the KYC efforts of future participating financial institutions and government bodies. The program will purportedly create a single digital KYC record, which can subsequently be authenticated with an electronic ID, allowing users to share data with other financial institutions.