The United Arab Emirates (UAE) is launching a blockchain-based KYC (Know Your Customer) platform which will serve as a nationwide system for exchanging verified customer data.
The project named “UAE KYC Blockchain Platform”, is handled by Dubai’s Department of Economic Development (DED) and the Emirates NBD bank.
Details say the blockchain platform is to be used mainly by financial institutions for the know-your-customer verification; as well as to help businesses in Dubai by replacing the current paper-based KYC process with a blockchain-based digital system.
The UAE KYC Blockchain Platform is designed to streamline the customer registration process through features like instant digital banking account, and real-time sharing of verified KYC data among financial institutions and licencing authorities.
Once live, the Emirates NBD will be the first national bank to access the platform, before on-boarding small and medium scale sized enterprises.
By extension, the UAE KYC Blockchain Platform forms part of the government’s digitization plan, and is supported by major institutions like the Central Bank of UAE and the Smart Dubai project.
Speaking on the project, Omar Bushahab – CEO of Business Registration and Licensing at the DED remarked:
“This marks a key milestone in establishing a UAE-wide ecosystem for KYC data sharing and instant digital onboarding of companies by financial institutions. It is in alignment with the government’s vision around digitization and paperless system as crucial strategies that enable continuation and sustainability.”
The UAE continues to adopt new technology from the blockchain and crypto industry; with one of its notable projects being its proposed Dubai Tax-free Cryptocurrency Valley.