Yesterday, the Dubai International Financial Center (DIFC) and Mashreq announced the launch of a data exchange platform, to support authorized companies and companies that open digital bank accounts immediately.

A consortium was formed in July 2019 between the DIFC and Mashreq as part of the initiative known as Know Your Customer (KYC), along with the DIFC incubated company.

DIFC and Mashreq have made a strategic decision to harness this promising technology by focusing on a specific use case to enhance the quality and integrity of corporate information (KYC).

The platform is now available to all UAE-based companies and banks.

The DIFC and Mashreq have recently introduced a KYC Consortium and are announcing Direct Connection in the region, which is built on the same platform of choice as “norbloc Fides”.

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In a final move, the Competitiveness Office of the Department of Economic Development, Dubai, has formed six different banks and licensing authorities, to form a KYC to share verified KYC data between banks and licensing authorities in the UAE.

Paperless KYC Customer Information:

The new KYC Blockchain Consortium will facilitate faster transfer and exchange of digital customer data and documents through advanced distributed technologies powered by blockchain, the first of its kind in the region.

The KYC platform overseen by the DIFC and Mashreq is now ready and open to all licensing authorities and financial institutions in the UAE.

The platform will make it easier and faster for new companies to do business in the UAE, removing paper-based KYC processes.

According to Mr. Arif Amiri, CEO of the Dubai International Financial Center Authority:

This initiative provides financial institutions with a platform to run their operations smoothly.

We place great importance on strategic cooperation with leading financial institutions in this field as part of our commitment to the UAE Blockchain Strategy 2021.

This is the first product to open the digital account for companies and institutions, which is provided through a partnership between the DIFC and Mashreq, with great potential for the use of blockchain technology.

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While Mr. Ahmed Abdel Aal, CEO of Mashreq, stated the following:

The program is in line with the UAE’s planned blockchain strategy for 2021, with the beginning of a journey toward a broader vision set aside to form the consortium of banks and government agencies as well as other licensing bodies, for the seamless sharing of KYC customer data, leading to increased transparency.

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