The launch of blockchain-powered Know Your Customer platform in The United Arab Emirates

The news about the UAE’s new KYC platform reached the public in February, but the platform went live now with one of the country’s banks, Emirates NBD, already onboard. The platform was created to encourage a secure exchange of verified KYC (Know-Your-Customer) data between licensing authorities and financial institutions. It also allows for digital customer onboarding and instant bank account functionality, bringing the United Arab Emirates one step closer towards the full digitalization that the country’s government envisioned for the upcoming years. Reportedly, Dubai Economy has already transferred over 40% of all active trade licenses in the UAE onto the blockchain-powered platform in phase I of the project. It’s just the beginning of the region’s journey towards the digital, paperless financial future.

Sources:
https://cointelegraph.com/news/dubai-debuts-nationwide-data-platform-pow...
http://dubaided.ae/English/MediaCenter/Pages/PressReleasesDetails.aspx?I...