International Finance

Dubai Economy and DIFC sign agreement to expand UAE KYC Blockchain Consortium

Dubai Economy DIFC_IFM_Image
The agreement positions the consortium as the national corporate eKYC platform

Dubai Economy and Dubai International Financial Centre (DIFC) Authority have signed an agreement to expand the UAE KYC Blockchain Consortium, media reports said. The agreement positions the consortium as the UAE’s national corporate eKYC platform.

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.”

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