KYC Alliance between Dubai Economy and six banks

As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank (ADCB) and Commercial Bank of Dubai (CBD), has formed a coalition for the exchange of verified KYC (Know Your Customer) data between banks and licensing authorities in the United Arab Emirates. It is believed that customer onboarding and sharing of client data and documents will be eased and facilitated through this new KYC alliance.

The Deputy Director-General of Dubai Economy stated that the launch of Dubai’s first KYC Blockchain platform will attract a greater number of investors to the market. A digital ‘Instant Bank Account’ facility will be provided which will ensure a faster and improved onboarding experience. The KYC platform is expected to be functional by the first quarter of 2020, after which it will be open for qualified financial institutions and licensing bodies.

Michael Gassner also discussed the implications of this alliance on Twitter

KYC Blockchain consortium in Dubai: possible implications? – Cryptopolitan https://t.co/SKKaDlTsOU pic.twitter.com/A8GT8q01Ch

— Michael Gassner (@IslamFinance) February 21, 2020

The main purpose of the alliance is to serve a greater cause by upgrading business functioning as well as complying with the regulatory policies in the United Arab Emirates. Smart Dubai in coalition with the UAE Central Bank will play a key part in monitoring and regulating the alliance operations. 

Authentic and valid KYC data will concurrently be shared with financial institutions following the launch of the KYC blockchain platform. This will speed up the bank account opening process for new companies as well as reduce the troublesome requirements of KYC for existing companies.