Dubai Government Announces KYC Blockchain Alliance Platform

According to UN news today, the KYC blockchain organization platform developed by the government of Dubai was launched a few days ago.

The KYC Blockchain Alliance is a blockchain coordination platform between the Dubai Ministry of Economic Development and Emirates NBD. The KYC Blockchain Alliance aims to facilitate the exchange of consumers' digital information and data while maintaining security. The project also aims to highlight the integrated KYC blockchain platform of current and future member ecosystems such as financial institutions and authorized entities.

The KYC blockchain alliance platform enables domestic SMEs to easily open banks with Emirates NBD. The platform developer assigns the director of DIFC to prepare all KYC registrations during the company licensing process. After consumer approval, the information was shared with Masreq on the blockchain and finally with other finance and licensing companies. Blockchain has streamlined the registration process for new customers by facilitating the exchange of authenticated KYC information.

Omar Bhaab, head of the UAE National Bank's approval body, said more than 120 companies could use the platform to receive immediate financial services from the UAE National Bank.

It has been reported that KYC blockchain partnerships are available for banks, mainly Dubai public banks Emirates NBD, HSBC Bank, Emirates Islamic Bank, RAKBank, Abu Dhabi Commercial Bank and Dubai Commercial Bank.

Earlier, Ali Ibrahim, vice president of the Dubai Institute for Business Development (DED), said that building the platform could bring a lot of investment to the region. Arif Amiri, CEO of Dubai International Financial Center Authority, said: “This project offers a unique opportunity to bring the latest technological experience to global financial institutions.

The UAE has always had a strong attitude towards the crypto and blockchain industry, as it has implemented various blockchain operations such as the 'Digital Silk Road' and 'Network of Digital Enterprise' projects. bank confidence ”.