Dubai Department of Economic Development (DED) and Emirates NBD, Dubai government-owned bank, have launched a new blockchain-based platform for Know Your Customer verifications, The National has learned.
The UAE KYC Blockchain Platform will reportedly focus on securing digital customer onboarding, instant bank account functionality and sharing of verified KYC data between banks.
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Currently, supported by Smart Dubai and the Central Bank of the United Arab Emirates, the platform will also include Commercial Bank of Dubai, Abu Dhabi Commercial Bank, HSBC, and RakBank in the foreseeable future.
DED's representative said the platform already has "over 120 companies onboarded by Emirates NBD with active and operational bank accounts."
"The next milestone will be the go-live of Emirates NBD’s additional use cases and of our remaining banking partners along with the official release of the Consortium Agreement that will govern the ecosystem and outline how data will be shared between consortium members," Business Registration and Licensing CEO Omar Bushahab said.
Last year, Emirates Integrated Telecommunications Company, also known as "du," received an endorsement for its Blockchain Platform as a Service (BPaaS) from the Smart Duba.
The BPaaS allows all government entities to build on a framework of their choice (Ethereum or Hyperledger) based on their business needs on a fully managed, scalable and secure platform with low-cost access through a pay as you go model.
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