|01 March, 2020

DIFC, Mashreq offer instant bank accounts with region's first KYC blockchain

Initiative provides financial institutions, businesses a platform to seamlessly undertake operations

BUSINESS DESTINATION - Dubai International Financial Centre. Image for illustrative purposes.

BUSINESS DESTINATION - Dubai International Financial Centre. Image for illustrative purposes.

Dubai Tourism

The region’s first know-your-customer (KYC) blockchain data-sharing platform is live. Launched by Mashreq Bank and Dubai International Financial Centre (DIFC), the platform will enable licensed businesses and corporates in Dubai to open digital banks accounts instantly.

The blockchain platform is available to all UAE-based banks and corporates and is a continuation to a consortium formed between Mashreq and DIFC in July 2019, along with norbloc, a DIFC incubated firm.

“This initiative provides financial institutions and businesses a platform in order to seamlessly undertake operations,” Arif Amiri, Chief Executive Officer, DIFC Authority said in a statement.

“As we enter a new period of growth and expansion, our core focus on FinTech and blockchain are major steps on our journey towards transforming the future of finance,” he added.

The platform simplifies the process of opening a bank account, as DIFC prepares the KYC record during the corporate license application which is shared electronically via blockchain with Mashreq with customer consent.

Norbloc provided the Blockchain platform, Gowling WLG assisted in drafting the legal agreements, and Deloitte supported Mashreq with program management and governance.

DIFC and Mashreq have also conceptualized a framework for large-scale adoption by other participants including financial institutions and licensing authorities joining the ecosystem.

(Writing by Nada Al Rifai nada.rifai@refinitiv.com, editing by Seban Scaria)

#DIFC #FINANCIALSERVICES #KYC #BLOCKCHAIN #FINTECH #MASHREQ

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