The Dubai economy has gone live on the UAE KYC (Know-Your-Customer) blockchain platform making instant bank accounting functionality, secure digital customer onboarding, and sharing of verified data between financial institutions and licensing authorities possible.
As reported by local outlet Khaleej Times on July 28, this initiative is powered by norbloc, a leading blockchain KYC technology firm.
Blockchain-based ecosystem
Emirates NBD, a leading bank in the UAE, is the first banking group to be part of the project based on its active and operational bank accounts. Other banks like Commercial Bank of Dubai, RAKBANK, HSBC, and ADCB are expected to follow suit.
This blockchain-enabled ecosystem is set to be adopted nationwide in the exchange of authentic KYC data as it is already supported by the Central Bank of UAE and Smart Dubai.
The CEO of Business Registration & Licensing (BRL) field in Dubai Economy, Omar Bushahab, noted, “We are very proud to announce that the UAE KYC Blockchain Platform is now production-ready with over 120 companies already instantly onboarded by Emirates NBD with active and operational bank accounts.”
He added, “This marks a key milestone in establishing a UAE-wide ecosystem for KYC data sharing and instant digital onboarding of companies by financial institutions. It is in alignment with the government’s vision around digitization and paperless as crucial strategies that enable continuation and sustainability, especially during these challenging times, further enhancing the ease of doing business in the country.”
The Dubai economy has already shifted its active trade licenses to the blockchain platform. This represents more than 40% of their overall number in the UAE.
Seamless data retrieval
By leveraging on the blockchain platform, participating financial institutions are seamlessly retrieving customer data and getting real-time updates on the same.
The blockchain-based banking solution aim to boost customers’ satisfactory rates by giving them more time to focus on their businesses.
Astyanax Kanakakis, norbloc CEO, asserted, “The commitment of Dubai Economy, leading financial institutions such as Emirates NBD, Dubai Government, and the UAE Government to this initiative demonstrates a proactive and ambitious mindset, and positions the UAE as one of the first countries taking significant measures towards creating a digital low touch economy with simplified processes ensuring that business can continue to thrive in the post-COVID environment.”
This project seeks to place the UAE as one of the first nations to deploy a countrywide blockchain data-sharing ecosystem. Blockchain-based solutions are continually being embraced globally as leading big four firm Deloitte recently partnered with Chronicled to tame counterfeit medication through this cutting-edge technology.
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