Dubai launches a blockchain platform to facilitate instant bank account operations
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Dubai launches a blockchain platform to facilitate instant bank account operations
Dubai plans to offer an instant bank account for new businesses in the UK, according to reports media outlets.
Dubai Economy has established a “Blockchain Consortium” that includes six banks in the United Arab Emirates.
The Blockchain Consortium established by Dubai Economy consists of:
Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.
Through the blockchain platform, trusted business KYC or KYC data will be shared simultaneously with financial institutions.
This will speed up the opening of a bank account for newly registered companies and reduce the cumbersome and costly requirements of managing KYC data for already registered companies.
Read:Bybit platform supports buying cryptocurrency using credit cards
Over the years, the process of opening a bank account for new businesses, freelancers and small businesses has been a complex process.
The consortium is reportedly collaborating with global blockchain firm KYC to enable the ecosystem through the “Fides KYC” platform while Dubai Pulse is the government-approved blockchain platform enabler.
Ali Ibrahim, Deputy Director General of Dubai Economy, told the media:
The platform will provide an instant digital bank account functionality, allowing for a faster and less complicated internal journey with banks and improving the experience for new investors looking to establish themselves in the UAE.
This in turn will enhance customer satisfaction as well as the ease of doing business in the UAE as a whole.
He added that the initiative will soon become a nationwide ecosystem that will invite financial institutions and other licensing authorities to join the initiative.
The launch of the blockchain platform in Dubai is in line with the UAE Vision 2021, as it aims to be a world leader in terms of ease of doing business in the country.
Read:The founder of Twitter, after his resignation, renames the “Square” application to “Block” … Is this the beginning of his focus on crypto and blockchain?
Read also:
Dubai government has 24 use cases of blockchain technology in the past three years
Dubai unveils “Crypto Valley” as the world’s largest system of blockchain and crypto technologies
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time