Dubai Rolls Out Know Your Customer Blockchain Platform
Dubai Rolls Out Know Your Customer Blockchain Platform
July 30, 2020
Dubai Rolls Out Know Your Customer Blockchain Platform
Dubai Rolls Out Know Your Customer Blockchain Platform
July 30, 2020

Dubai’s Department of Economic Development (DED) and state-run bank Emirates NBD are rolling out their UAE Know Your Customer (KYC) Blockchain Platform, as this platform is set to become a nationwide system for exchanging verified customer data.

It has been reported that the new blockchain platform (first revealed in February 2020) is designed to unlock digital customer onboarding, instant bank account functions, and verified KYC data sharing between licensing authorities and financial institutions.

However, the DED and Emirates NBD said that the platform has over 120 companies already onboarded by the bank with active bank accounts. 

According to the report, Emirates NBD is the first bank to go LIVE on the platform at launch. The bank will primarily work with small and medium-sized enterprises, enabling them to onboard digitally. They will also be able to instantly open bank accounts through Emirates NBD’s E20 Digital Business Bank.

It has been analyzed that during the first stage of the project, Dubai Economy moved all active trade licenses onto the blockchain platform, amounting to more than 40% of all active trade licenses in the UAE.

ALSO READ :  Cryptocurrency-Related Conferences Across Asia Are Being Delayed Due To Coronavirus Outbreak

As previously reported, the new project is supported by major local authorities. These include the Central Bank of UAE and the government-backed innovation office, Smart Dubai.

According to DED and Emirates NBD, the platform will soon feature a number of banks including Commercial Bank of Dubai, Abu Dhabi Commercial Bank, HSBC, and RakBank.

Omar Bushahab, the Chief Executive of the Business Registration and Licensing Sector at DED, highlighted that the UAE KYC Blockchain Platform is in line with the government’s call for digitization.

He said:

“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 digitization and paperless as crucial strategies that enable continuation and sustainability.”

Thus, the UAE has emerged as a major global jurisdiction in recent years with a welcoming stance towards the blockchain and crypto industries.

Source: Cointelegraph | Image: Medium


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.