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Dubai just announced that it is planning to launch a blockchain consortium based on a Know Your Customer (KYC) framework. This will be done via the collaboration of the blockchain firm Norbloc, Dubai International Financial Centre (DIFC), and Mashreq Bank.
The KYC blockchain service itself will be the responsibility of Norbloc and its implementation throughout Dubai will be done with the cooperation of the DIFC and the Mashreq Bank, according to the Emirates News Agency. The project is expected to be launched in Q1 2020 and is intended to provide data-sharing services to businesses in the region.
“This initiative will facilitate faster, more secure onboarding and exchange of supporting documentation via advanced distributed technologies, including blockchain,” the report reads.
“The programme also outlines the creation of a Consortium Agreement to govern the mutualisation of KYC efforts among future participating banks, government bodies, financial institutions, as well as other licencing authorities, to subscribe to the platform.”
Speaking about the new development, DIFC CEO Arif Amiri highlights how this move would benefit businesses under its jurisdiction. He said, "This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre."
Among the biggest benefits attributed to KYC blockchain is a reduction of cost by up to 60 percent, Ledger Insights reports. In a statement on the matter, Astianax Kanakaki, the CEO of Norbloc stresses that user data is a major point of benefit for the system. This was already confirmed through various tests by other major financial institutions such as HSBC and ING.
Mashreq Bank is also participating in another recently announced blockchain initiative that aims to offer digitized trade finance services via the UAE Trade Connect (UTC) platform.
