Mashreq, The Oldest Privately Owned Bank in UAE Turns to Blockchain
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-MortgagePreviously, 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.
About The Author
Zain RazaZain 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.
Kraken Poll Involving Traders Suggests Good T...Zain Raza 14:53 PM 28 Mar 2020
FBI Arrests Russian Hacker And Shuts Deer.io ...Jyoti Singh 14:21 PM 28 Mar 2020
KuMex Planning to Launch Tether on Blockchain...Vandana Malik 14:12 PM 28 Mar 2020
Ficto New Blockchain-Based Online Streaming A...Jyoti Singh 13:00 PM 28 Mar 2020
Hive Tokens are Above Steem After a Week of T...Vandana Malik 12:51 PM 28 Mar 2020
Russian Police Ceases Illegal Bitcoin Mining ...Jyoti Singh 12:44 PM 28 Mar 2020
Crypto_bitlord Leaves Twitter, Says he Has Ha...Zain Raza 13:05 PM 28 Mar 2020
SilkRoad Founder Ross Ulbrichts's Celenbrates...Zain Raza 11:36 AM 28 Mar 2020
Kraken Looking Forward to Increase Job Force ...Vandana Malik 10:00 AM 28 Mar 2020
DPW Temporarily Shuts Mining Business After B...Jyoti Singh 08:44 AM 28 Mar 2020