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Dubai Economy collaborates with 6 banks to share data

Dubai Economy collaborates with 6 banks to share data
The KYC platform is set to be launched in the first quarter of 2020

UAE – Mubasher: Dubai Economy has collaborated with six banks to launch a consortium for sharing of verified Know Your Customer (KYC) data between banks and licensing authorities in the UAE.

The six banks include Emirates NBDEmirates Islamic, HSBC, RAKBANKAbu Dhabi Commercial Bank (ADCB), and Commercial Bank of Dubai (CBD), according to a press release published on Wednesday.  

“Our strategic alliance with banks to launch the first KYC blockchain platform in the UAE is an important step towards continuing to attract investors to this market,” deputy director-general of Dubai Economy, Ali Ibrahim, commented.

The consortium will drive the mutualisation of KYC efforts among existing and future ecosystem participants on a common platform.

“Blockchain is a breakthrough of particular importance for us; we see in it tremendous potential to streamline services and operations, saving time, money, and resources for everyone involved – individuals, companies, or governments,” CEO of the Smart Dubai Government Establishment, Wesam Lootah, said.

The KYC platform is set to be launched in the first quarter of 2020, offering opportunities for additional qualified financial institutions and licensing authorities to join.