Dubai Economy signs agreement with DSOA, DMCC and DAFZA

To participate in UAE KYC Blockchain Platform

  
Ahmad Hamza

Ahmad Hamza

  • The Unified Business Registry Platform launched by Dubai Economy in 2017 enables licensing entities to share data, streamline and govern business setup across Dubai.
  • The Know Your Customer Blockchain Platform was launched by Dubai Economy in partnership with founding member banks in 2020 to expedite opening of bank accounts and sharing of KYC data.
  • Work underway to connect Unified Business Registry Blockchain and the Know Your Customer Blockchain Platform to allow UBR members leverage KYC use cases.
  • Companies registered with DSOA, DMCC and DAFZA can now instantly open bank accounts and share their KYC data digitally with financial institutions.
  • Dubai Legal Affairs Department to play a pivotal role in assisting Dubai Economy, DSOA, DMCC and DAFZA in formalising the legal framework for the unified platform.

Dubai: Dubai Economy, Dubai Silicon Oasis Authority (DSOA), Dubai Multi-Commodities Center (DMCC), and Dubai Airport Free Zone Authority (DAFZA) have signed an agreement to participate in the Know Your Customer (KYC) Blockchain Platform through the Unified Business Registry (UBR) Platform. Work is underway to complete the connectivity between the UBR Blockchain Platform and the KYC Blockchain Platform by Q4 2021. With this milestone, members of UBR Blockchain Platform that have chosen to participate in KYC Blockchain Platform can extend all Use Cases implemented in the KYC Blockchain Platform to their customers. This will facilitate faster, more secure and streamlined customer onboarding and allow sharing of verified e-KYC data between licensing authorities and financial institutions by leveraging advanced distributed technologies.

Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, are live on the KYC Blockchain Platform. Additional licensing entities and financial institutions are in the process of joining the platforms along with Dubai Silicon Oasis Authority, Dubai Multi-Commodities Center, and Dubai Airport Free Zone Authority. 

“Dubai Economy is focused on strengthening Dubai’s digital economy. The launch of the Unified Business Registry and the Know Your Customer Blockchain Platforms in partnership with our key licensing and banking partners is a testament to our ambitions to transform Dubai into a global tech-driven investment destination. Following the launch of these platforms in 2017 and 2020 respectively, they have become increasingly crucial not only in streamlining and governing business setup in Dubai but also in simplifying the opening of bank accounts for investors and sharing verified KYC data with financial institutions. These initiatives have a positive impact in attracting business and on the ease of doing business ranking of Dubai and the UAE,” said Mohammed Hassan AlShehhi, Acting CEO, Business Registration and Licensing sector of Dubai Economy. 

Dr. Juma Al Matrooshi, Deputy CEO of DSOA, said: “As an integrated technology park, Dubai Silicon Oasis provides a conducive environment for developing and testing innovative and advanced technologies in different fields such as blockchain, artificial intelligence, and smart city solutions. DSOA is committed to employing these technologies to boost efficiencies, support business partners growth, and enhance collaborations with stakeholders in the drive for excellence. Joining the Know Your Customer (KYC) Blockchain Platform through the Unified Business Registry (UBR) Platform is an evidence of our commitment   to building synergies that leverage the strengths of diverse public and private sector partners to fast-track Dubai’s drive to be the smartest city in the world.”

Ahmad Hamza, Executive Director - Free Zone, DMCC, said: “At every turn, DMCC looks to further increase the ease of doing business in Dubai to attract businesses and trade to the emirate. This core philosophy is why we are home to over 19,000 member companies, with 204 new businesses joining us in August alone. Through this agreement with Dubai Economy, we will be augmenting our fully digital onboarding process to make it easier and quicker for them to set up at DMCC. Following the DMCC Crypto Centre launch, the agreement also falls in line with DMCC’s drive to harness distributed ledger technologies such as blockchain to streamline business and provide world-leading services to our members. We look forward to working with Dubai Economy on this important initiative.” 

Amna Lootah, Assistant Director General of the Dubai Airport Freezone Authority (DAFZA), said: “DAFZA is committed to being a major contributor to various government efforts aimed at advancing the future of Dubai’s digital economy and strengthening investments in the digital sector. The integrated platform consolidates the reputation of the emirate globally, as a forerunner in adopting the latest digital platforms that support businesses within the global investment community and helps advance economic systems and processes.”

"DAFZA is at the forefront of adapting to the latest technologies in delivering exceptional customer experience. We are proud to be supporting the UAE’s KYC Blockchain Platform as it will be a key enabler to digitalize, boost efficiency and flexibility. The platform is the first-of-its-kind in the region and will enhance Dubai’s position as an attractive destination for foreign investments, as well as increase the confidence of the business community across the emirate." Lootah added.

-Ends-

About Dubai Economy

Dubai Economy (Department of Economic Development – Government of Dubai) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. Dubai Economy supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth. Dubai Economy and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.

For further information, please contact:
Nafisa Elmarzouky, nafisa.elmarzouky@dubaided.gov.ae
Faisal Shamsudheen, MediaRelations@dubaided.gov.ae 

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