Dubai pioneers region’s first KYC blockchain data sharing platform

Dubai International Financial Centre (DIFC), in collaboration with Mashreq Bank, has announced the launch of the first blockchain data sharing platform in the region.

The blockchain project is called Know Your Customer (KYC), and aims at helping licensed businesses and corporations in opening digital bank accounts as quickly as possible.

DIFC and Mashreq reportedly made a strategic decision to get the best out of the technology by focusing on a specific use case—enhancing the quality and integrity of corporate KYC information, and improving the quality of customer experience when opening bank accounts, which creates ease in doing business in DIFC.

“We place a high importance on strategic collaboration with industry-leading financial institutions as part of our commitment to Emirates Blockchain Strategy 2021 that will accelerate seamless transactions and improve the efficiency of working processes for Government entities and professionals at the Centre,” DIFC CEO Arif Amiri said.

How it works

The KYC platform has evolved from an initial proof of concept, opening doors to all licensing authorities and financial institutions in U.A.E. to join DIFC and Mashreq Bank’s live blockchain experience for full-scale adoption under a unified nation-wide umbrella.

DIFC prepares the KYC record during the corporate license application and it’s shared electronically via blockchain with Mashreq after securing customer consent, which eases the process of opening a bank account.

This single KYC solution for corporate entities, is a scalable ecosystem solution and it supports connectivity with other similar initiatives when they follow the footprints of DIFC & Mashreq into production.