The UAE blockchain platform is said to be the national ecosystem for the exchange of verified KYC data between licensing authorities and financial institutions and the platform is designed to help licensed businesses and corporates open digital bank accounts instantly as part of the Invest in Dubai initiative. It is developed by DIFC-incubated blockchain firm norbloc and it has now gone live and available to all UAE-based corporates and banks.

Abdulfattah Sharaf, group GM, CEO, HSBC UAE told the media, “By being able to access up-to-date KYC data directly from Dubai Economy, we will be able to serve customers faster and focus more on their core banking needs.”

Until now, the platform has added Emirates Islamic, Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, RAKBANK, and Mashreq Bank in its platform, hence HSBC is the first foreign bank to join the initiative.

The partnership is expected to integrate HSBC into the blockchain network, thereby allowing the bank to add new information to it or use existing information from other banks to improve their customer database.

HSBC has avoided public blockchains like Bitcoin and Ethereum in the past and earlier this year, the bank also stopped its customers from buying MicroStrategy stocks since it might expose the company to Bitcoin. CEO of HSBC Neil Quinn said that the bank is not looking to promote cryptocurrency due to its volatile nature.

The post HSBC signs blockchain-based KYC data sharing coalition in the UAE appeared first on International Finance.

The consortium was initially formed by Dubai Economy, Dubai International Financial Centre, Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank. The platform holding close to 50 percent of corporate eKYC records in the UAE.

In this regard, Dr. Lowai Mohamed Belhoul, director-general of the Government of Dubai Legal Affairs Department told the media, “The Government of Dubai Legal Affairs Department is proud to be one of Dubai Economy’s key strategic partners on this first-of-its-kind initiative for the region where we have provided and continue to provide legal support to Dubai Economy in their consolidation efforts with DIFC and the formation of the Consortium Agreement for the UAE KYC Blockchain Consortium.”

Earlier this year, UAE-based blockchain startup Verofax raised around $1.2 million in its seed funding round. The investment round for Verofax was led by Trove Capital. Other investors that also participated include MFD Holding, Kepler Fund Managers and Casablanca Holding.

With regard to the funding, co-founder and chief executive officer Wassim Merheby told the media, “US, EU, China and Russia have already adopted regulations for retailer and ecommerce accountability on fake merchandise sold through their marketplaces. Verofax simply adds certainty in global trade with item digital ID throughout every product lifecycle.”

The post Dubai Economy and DIFC sign agreement to expand UAE KYC Blockchain Consortium appeared first on International Finance.

In this regard, Mohammed Akbar Farook, chief executive at JustChain told the media, “NotaryChain represents a new era of accessibility, convenience, and productivity for the notary public. Based on blockchain technology, the platform offers a secure and tamperproof digital alternative to the traditional process of having to hand-deliver and notarise documents. This is in line with the UAE’s national strategy for blockchain as well as the Dubai Paperless Strategy that is being implemented throughout government entities in the emirate.”

Available as a cloud solution, the new platform launched by the UAE-based blockchain startup, provides advanced features including single sign-on using national identity (UAE Pass), digital signatures, electronic seal, integrated artificial intelligence verification for Emirates ID, QR code-based instant verification of notarised documents and more.

It was reported last year that Dubai’s blockchain market is expected to grow substantially in the next five years. The market will grow from Dh35 million in 2018 to Dh437 million in 2025. The blockchain market in Dubai grew by 24 percent in 2018, which is relatively higher than the global average of 19 percent. Reportedly, 1.4 percent of the total blockchain companies in the world are based in Dubai. While there are 8000 registered blockchain companies worldwide, 114 are in Dubai.

The post JustChain launches world’s first blockchain-based notary platform appeared first on International Finance.

The platform will facilitate secure digital customer onboarding, instant bank account functionality and sharing of verified KYC data between licencing authorities and financial institutions.

The initiative is powered by norbloc, a global leader in blockchain KYC technology.

It has the full support of Smart Dubai and the Central Bank of UAE. The project was first announced by Dubai Economy and Emirates NBD earlier in the month of February this year.

Omar Bushahab, CEO of Business Registration & Licencing (BRL) sector in Dubai Economy, told the media, “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 digitisation and paperless as crucial strategies that enable continuation and sustainability, especially during these challenging times, further enhancing ease of doing business in the country.”

“Emirates NBD is the first banking group to go live on the platform with its initial use case covering E20, its digital business bank. The next milestone will be the go-live of Emirates NBD’s additional use cases and of our remaining banking partners along with the official release of the Consortium Agreement that will govern the ecosystem and outline how data will be shared between Consortium Members. We are also in advanced discussions with a second wave of financial institutions and free zones to further expand the initiative, and we welcome the remaining financial institutions and free zones to join this effort.”

The post Dubai Economy and Emirates NBD to launch KYC blockchain platform appeared first on International Finance.

The National Bank of Fujairah will leverage RippleNet’s network to serve its Indian customer base and facilitate remittance payments to India through Indus Ind Bank. RippleNet’s network allows the bank to provide its customers with a seamless payment experience.

Now, the National Bank of Fujairah‘s customers will be able to carry out secure and real-time cross border payments.

With regard to the partnership with Ripple, Vince Cook, chief executive at the National Bank of Fujairah told the media, “RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way. We will always look for the next best thing for our customers as part of our commitment of being the best financial partner for their business and personal needs.”

“In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to service their clients. Digitisation remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients.”

The National Bank of Fujairah was also one of the first banks in the UAE to join the SWIFT Global Payment Innovation (GPI) network. The Swift network helps banks using its network to leverage transparency on fees and end-to-end traceability on payments conducted on behalf of clients.

Last year, the bank also joined the trade finance blockchain network Marco Polo. The network has 22 members including heavyweights such as Mastercard, BNP Paribas, ING and Standard Chartered.

The post National Bank of Fujairah and Ripple to facilitate cross border payments appeared first on International Finance.

The agreement will have both parties joint work toward a DMCC Blockchain Strategy in line with the UAE Blockchain Strategy 2021. The DMCC Crypto Valley will be headquartered in Jumeirah Lakes Towers, in its business district, media reports said. 

The DMCC Crypto Valley will be established in the UAE’s tax-free zone. It will offer an array of services including incubation for startups, coworking facilities, blockchain training, education, events, mentoring and funding, media reports said. 

Established in 2002, DMCC aims to boost commodity trade flows across the UAE. Its free zone has several advantages such as 0% personal and corporate income tax.

DMCC announced the launch of the Crypto Valley at the world economic forum held at Davos this year. DMCC said, “DMCC is a dynamic business hub that drives local trade throughout Dubai. The launch of the Crypto Valley in DMCC will enhance the city’s dynamic business environment and support the wider strategy of the UAE government to attract the innovators, entrepreneurs, and pioneers that will shape the future economy.” 

In fact, DMCC is located in one of Dubai’s free zones which suggest that it is exempted from paying taxes. It faces no restrictions and allows businesses to retain their revenue as a whole. 

Currently, there are more than 17,000 companies registered with the DMCC. 

The post Dubai to establish tax-free Crypto Valley to enhance business landscape appeared first on International Finance.

Dubai Economy has set up a blockchain consortium that comprises six UAE-based banks.

The KYC (Know Your Customer) Blockchain Consortium set up by Dubai Economy consists of Emirates NBD, Emirates Islamic, HSBC, Rakbank, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.

Through the blockchain platform, authenticated and validated KYC data of businesses will simultaneously be shared with financial institutions of their preference. This will expedite the opening of a bank account for newly registered companies and reduce the burdensome and costly requirements of managing KYC data for already registered companies.

Over the years, the process of opening a bank account for new businesses, freelancers and small businesses has been a complicated one.

Reportedly, the consortium is collaborating with global blockchain KYC firm norbloc to enable the ecosystem through its Fides KYC Platform while Dubai Pulse is the government-certified blockchain platform enabler.

Ali Ibrahim, deputy director-general of Dubai Economy told the media, “The platform will offer a digital ‘Instant Bank Account’ functionality, allowing for faster and less cumbersome onboarding journey with banks and significantly improving the experience of new investors looking to establish themselves in the UAE. This, in turn, will boost customer satisfaction as well as ease of doing business in the UAE as a whole.”

He further added that the initiative will soon become a nationwide ecosystem as it will invite other financial institutions and licensing authorities to join this initiative.

The introduction of the blockchain platform in Dubai is also in line with the UAE’s Vision 2021, where it aims to be a world leader in terms of the ease of doing business in the country.

The post Dubai to launch blockchain platform for instant bank account facility appeared first on International Finance.

The blockchain market in Dubai grew by 24 percent in 2018, which is relatively higher than the global average of 19 percent.

Reportedly, 1.4 percent of the total blockchain companies in the world are based in Dubai. While there are 8000 registered blockchain companies worldwide, 114 are in Dubai.

Dr. Aisha Bint Butti Bin Bishr, director-general of the Smart Dubai Department told the media, “We accomplished what we promised of building a holistic blockchain ecosystem in Dubai. We have been working with government and private sector partners to identify a series of use cases across multiple sectors. Blockchain cannot solve everything and we need to be wise in selecting these use cases. That is what we have done here.”

She added, “We look forward to multiplying our smart city transformation efforts this year, powering forward with more dedication as we mark the Year of Preparation for the UAE’s 50th Anniversary ‘2020: Towards the Next 50’.”

Earlier in 2016, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council announced the Dubai blockchain strategy and its ambitious plan to power Dubai through it.

According to reports, currently, 24 use cases across eight sectors are under implementation.

The Dubai blockchain strategy is expected to help Dubai become the first city fully powered by blockchain by 2020. It is also expected to establish Dubai as a global technology leader.

The post Dubai blockchain market to reach Dh437 mn in 5 years appeared first on International Finance.