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Dubai Economy, DIFC to unify corporate e-KYC platforms

Dubai Economy, DIFC to unify corporate e-KYC platforms DUBAI, 4 hours, 25 minutes ago Dubai Economy and Dubai International Financial Centre (DIFC) Authority have signed an agreement to expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC platform. It will facilitate faster, more secure and streamlined customer onboarding and allow sharing of verified e-KYC data between licensing authorities and financial institutions through advanced distributed technologies, reported Emirates news agency Wam. The founding Consortium Members include Dubai Economy, Dubai International Financial Centre, Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank. The first phase went live in 2020 and more entities have joined since resulting in the platform holding close to 50 per cent of corporate e-KYC records in UAE.

Dubai Economy and DIFC join hands to unify their corporate e-KYC Platforms

Dubai Economy and DIFC join hands to unify corporate e-KYC platforms

Dubai Economy and DIFC join hands to unify corporate e-KYC platforms reporters@khaleejtimes.com Filed on April 6, 2021 Dubai Legal Affairs Department (LAD) to play a pivotal role in assisting Dubai Economy and DIFC in formalising the legal framework for the unified platform. The founding consortium members include Dubai Economy, Dubai International Financial Centre, Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank. Dubai Economy and Dubai International Financial Centre (DIFC) Authority have signed an agreement to consolidate efforts and expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC Platform, making it the first such platform in the region. It will facilitate faster, more secure and streamlined customer onboarding and allow sharing of verified e-KYC data between licensing authorities and financial institutions through advanced distribute

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