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Dubai Economy and Emirates NBD to launch KYC blockchain platform

Dubai Economy Emirates NBD
The platform will facilitate secure digital customer onboarding and also instant bank account functionality

Dubai Economy and Emirates NBD have announced the launch of the UAE KYC blockchain platform, the media reported.

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.”

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