Dubai International Financial Center (DIFC) and Mashreq Bank announced on Sunday the first blockchain data sharing platform in the region to support licensed businesses and corporates that instantly open digital bank accounts.
Back in 2019, the initiative formed by DIFC and Mashreq Bank, known as Know Your Customer (KYC), was unveiled as a market-first of its kind in the Middle East together with the DIFC incubated FinTech firm, norbloc.
DIFC and Mashreq took a strategic decision to utilize this promising technology by focusing on a specific use case to improve both the quality and integrity of corporate KYC information as well as the quality of customer experience when opening a bank account, which complements the ease of doing business at DIFC.
Starting Sunday, March 1st., the platform is available live and to all corporates and banks based in the UAE. DIFC and Mashreq are taking forward the recent announcement by the KYC consortium and announcing the region-first live connection, built on the same norbloc Fides platform as chosen.
Growing from an initial “Proof of Concept” to confirm the possibility of using state-of – the-art blockchain technology, the KYC platform is now ready and open to all licensing authorities and financial institutions in the U.A.E. to join the live blockchain experience of DIFC and Mashreq Bank for full-scale adoption under a nationwide unified umbrella. The platform will make doing business in the UAE easier and faster for new companies, removing existing paper-based KYC processes.
Strategic Partnerships as Part of Emirates Blockchain Strategy 2021
Arif Amiri, Chief Executive Officer, DIFC Authority said:
“As the leading financial centre in the MEASA region, we take great pride in continuously enhancing and evolving the DIFC ecosystem in order to provide a world-class environment for our partners and community to conduct business. This initiative provides financial institutions and businesses a platform in order to seamlessly undertake operations.
DFIM said in the statement that, it places a high importance on strategic collaboration with industry-leading financial institutions as part of our commitment to Emirates Blockchain Strategy 2021 that will accelerate seamless transactions and improve the efficiency of working processes for Government entities and professionals at the Centre.
“As they enter a new period of growth and expansion, our core focus on FinTech and blockchain are major steps on our journey towards transforming the future of finance.
Mashreq Bank Leader in Implementing Emerging Technologies Into Practical Use
Ahmed Abdelaal, CEO of Mashreq Bank, said: “In a true milestone for the banking sector in the UAE, Mashreq continues to lead the way in implementing emerging technologies into practical use for our customers. The program aligns with the UAE Blockchain Strategy 2021, earmarking the beginning of a journey towards a broader vision of forming a Consortium of Banks, Government Bodies as well as other Licensing Authorities, for seamless sharing of customer KYC data, thus leading to increased transparency, added security and a better customer experience.”
“As a digital leader, Mashreq will continue to innovate and elevate the banking experience for our customers and invest in solutions that make our operations more efficient and seamless, ultimately positioning the country as a global financial hub. The initiative also marks our commitment to fulfilling the vision of the UAE Banks Federation, Smart Dubai and UAE Central Bank to serve the greater good and promote ease of business,” he added.
Cryptolydian reported earlier this month that, Dubai to Unveil KYC Blockchain Platform in Q1-20.