The Department of Economic Development of Dubai has established a Know Your Customer blockchain consortium with six major banks.
Dubbed "KYC Blockchain Consortium," the new blockchain-powered regulatory platform is designed to accelerate processes like exchange of digital customer data and documents while ensuring security.
The project also intends to bring a unified platform of KYC efforts among existing and future ecosystem members like qualified financial institutions and licensing authorities.
According to a Feb. 19 report by Dubai-based publication Gulf News, the six banks involved in the effort include Dubai government-owned bank Emirates NBD, HSBC, Emirates Islamic, RAKBank, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.
Scheduled for launch in Q1 2020, the KYC Blockchain Consortium will purportedly become the first project of its kind in the region, the report notes.
"Our strategic alliance with banks to launch the first KYC blockchain platform in the UAE is an important step towards continuing to attract investors to this market."
The consortium-powered ecosystem hopes to boost business as well as regulatory compliance in the UAE. According to the report, the UAE Central Bank and Smart Dubai authority will be monitoring operations of the KYC Blockchain Consortium.
The UAE's newly reported blockchain comes in line with the general growth of blockchain spending in the region.
As recently reported by Cointelegraph, governments across the Middle East and Africa region are projected to see at least a 400% surge in their investment to blockchain-based solutions in four years.
As reported, the UAE has taken a very positive stance to the crypto and blockchain industry as the country is already hosting a number of blockchain-based initiatives such as digitized trade project the "Digital Silk Road" and the document exchange platform known as the "Bank Trust Network."
Dubai Gov't to Launch KYC Blockchain Consortium in Q1 2020
Published on Feb 19, 2020
by Cointele | Published on Coinage
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