UAE - Mubasher: HSBC has joined the UAE KYC (Know Your Customer) blockchain consortium to become the fourth founding member bank to go live on the platform.
Launched in February 2020 by Dubai Economy in partnership with founding member banks, the UAE KYC blockchain platform allows for the exchange of verified 'know your customer' data between licensing authorities and financial institutions, according to a press release on Sunday.
The platform is powered by norbloc, a global leader in enterprise blockchain technologies that enable sharing of regulated data.
The Director of Development and Follow-up Division at the Business Registration & Licensing sector of Dubai Economy, Omar Al Mehairi, said that the blockchain platform comes in line with the Invest in Dubai (IID) Portal, as it facilitates the instant digital opening of bank accounts for investors.
Al Mehairi commented: "The UAE KYC Blockchain Platform has transformed the investor bank account journey by significantly reducing the time it takes to establish relationship with banks."
The Group General Manager and CEO of HSBC UAE and Head of International at HSBC Bank Middle East Limited, Abdulfattah Sharaf, remarked: "By being able to access up-to-date KYC data directly from Dubai Economy, we will be able to serve customers faster and focus more on their core banking needs."
