Mashreq, The Oldest Privately Owned Bank in UAE Turns to Blockchain
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Mashreq, The Oldest Privately Owned Bank in UAE Turns to Blockchain

February 24, 2020      Zain Raza

The Mashreq Bank will switch to the blockchain, said Executive Vp of the oldest privately-owned Bank in UAE. The Switch would strengthen the security and integration of technology, leading to a smart banking platform.

Mashreq Bank has been involved in the various banking field. It was the first Bank to install ATMs, along with debit and credit cards. Now it would take initiatives to help blockchain adoption.

Additionally, he said, “in 2019, we began investing heavily in emerging technologies, such as blockchain.” As a result, they will utilize the technology’s features to launch a platform for smart banking later this year:

A local report from earlier today suggests that Bank’s Executive Vice President and Head of Retail Banking Group, Subroto Som, shared his two-cents on these matters. They talked about the details and shared their vision regarding the digital revolution and also noted that the Bank is already making moves to add artificial intelligence and robotics.

They also revealed that by year-end smart banking would be launched as they have invested heavily to lay the foundation of this technology.

“Our blockchain platform exemplifies technology that is secure, easy to integrate, and automates the onboarding process for our corporate clients.

A first for the region, the platform ensures the protection of customer data while providing the convenience and flexibility of smart banking. With a launch planned for the first quarter of 2020, we aim to roll out the initiative to our business clients before exploring an expansion into additional segments.”

Mashreq and E-Mortgage

Previously, Mashreq bank entered into a new partnership with Dubai Land Department to launch a new blockchain-based product called e-mortgage in order to enhance the processing and registrations of home loans. Sultan Butti bin Mejren, DLD’s director-general stated that the blockchain implementation would hasten the whole process and ergo, decrease the paper transactions.

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.