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Dubai Economy Creates Blockchain Consortium To Open Bank Accounts Instantly

Shailesh Panwar by Shailesh Panwar - 08:42 AM Feb 20, 2020
Dubai Economy Creates Blockchain Consortium To Open Bank Accounts Instantly

Dubai Economy has created a blockchain consortium while cooperating with about six UAE banks, whereby investors in Dubai would shortly be able to open a bank account quickly. "KYC Blockchain Consortium" included Emirates Islamic, Emirates NBD, Abu Dhabi Commercial Bank, HSBC, Commercial Bank of Dubai and RAKBANK.

Facilities Provided By KYC Blockchain Platform

According to a report, with the help of the first KYC blockchain platform, the process of authenticating KYC data of firms would concurrently be shared with their preferred financial institutions. This would provide the bank account opening facility for newly registered businesses and lessen the expensive and troublesome requirements of maintaining KYC data for companies which were already registered. This was severe in opposition to the status quo, how various KYC files based on paper were exceedingly originated and managed in silos.

The facility of opening bank account has always been troublesome for new freelancers, investors, and small companies due to strict requirements which came from the banks. The platform would make life more comfortable for them.

Dubai Economy deputy director-general, Ali Ibrahim, cited that the consortium would ultimately form a regional ecosystem. It has also encouraged other licensing authorities and financial institutions to participate in this initiative.

Statements From Several Executives

Smart Dubai Government Establishment CEO, Wesam Lootah, cited blockchain technology has an enormous capacity to smoothen operations and services, saving money, time and resources for everyone consisting- firms, individuals, or governments.

Norbloc, a global blockchain KYC company, has tied-up with the blockchain consortium. Norbloc would act as a technology provider which would allow the ecosystem on its Fides KYC platform. At the same time, Dubai Pulse was the enabler of a blockchain platform certified by the government.

Abu Dhabi Commercial Bank's government banking head, Saoud Al Jassem, cited the Blockchain KYC Production Platform would enable corporate clients to experience seamless capabilities like enhanced KYC, registration and opening of the account.

RAKBANK COO, Geoff Stecyk, cited that they were excited to be a member of the regional consortium named as 'Instant Bank Account', that intended to digitize the process of onboarding, making it more frictionless, seamless and secure.

About The Author
Shailesh Panwar

Shailesh PanwarShailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.

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