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Dubai’s economic department to expand its blockchain-powered KYC tools to financial institutions.

Dubai's economic department to expand its blockchain-powered KYC tools to financial institutions.


Dubai government has announced that it will be expanding its blockchain-powered Know-Your-Customer tool for financial institutions. The Department of Economic Development, better known as Dubai Economic, has partnered with the Dubai International Financial Centre to expand the tool, accounting for over 50 percent of all KYC verifications in Dubai. The UAE KYC Blockchain Consortium was first launched in February 2020. Governments across countries have acknowledged the importance of blockchain technology in the last year or so.

 

Dubai economy processes at least half of all corporate KYC verifications. 

Some of the founding members of the economy department include Emirates NBD, the Commercial Bank of Dubai, HSBC, Emirates Islamic, and the Abu Dhabi Commercial Bank. It grew aggressively, and by July 2020, it had over 120 members. According to Dubai Economy, it processes at least half of all corporate KYC verifications in Dubai. Abdulla Hassan, the Dubai Economy Corporate Sector CEO, attributed the growth to the tool’s efficiency. It has also enabled financial institutions to digitize one of their most important requirements. 

 

“The department has become crucial in enabling banks to receive verified KYC data digitally.”

Abdulla Hassan remarked, “Following its launch in 2020, the platform has become increasingly crucial not only in simplifying the procedures for opening bank accounts for investors but also in enabling banks to receive verified KYC data digitally.” “This initiative has a positive impact on attracting business and the global ease of doing business ranking of Dubai and the UAE,” he added. The DIFC also pledged to continue supporting emerging technologies such as blockchain to position Dubai as the go-to financial hub globally. “The global finance community holds Dubai and DIFC in high regard for our commitment to innovation, which includes driving the future of finance through emerging technologies such as Blockchain,” DIFC’s Alya Al Zarouni commented.



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