MEASA region's first 'blockchain KYC data-sharing consortium' to launch in Dubai

MEASA region's first 'blockchain KYC data-sharing consortium' to launch in Dubai

DUBAI, 31st July, 2019 (WAM) -- The Dubai International Financial Centre, DIFC, together with Mashreq Bank, and 'norbloc', a 'Know Your Customer', KYC, and client onboarding fintech regionally headquartered in the DIFC, today announced their strategic alliance to launch the region’s first production-ready blockchain KYC data-sharing consortium in Q1 of 2020 to support businesses and corporates in Dubai.

In line with the UAE Blockchain Strategy 2021, the alliance entered into a Memorandum of Understanding, MoU, in January 2019 with the strategic intent to create a first-to-market platform serving banking sector clients in the UAE. This initiative will facilitate faster, more secure onboarding and exchange of supporting documentation via advanced distributed technologies, including blockchain.

The programme also outlines the creation of a Consortium Agreement to govern the mutualisation of KYC efforts among future participating banks, government bodies, financial institutions, as well as other licencing authorities, to subscribe to the platform.

Arif Amiri, CEO of the DIFC Authority, said, "This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre."

By Q1 of 2020, companies will be able to digitally create a single KYC record, which will be authenticated with an electronic ID, to simultaneously share data with their various financial institutions.

While DIFC and Mashreq Bank will serve as inaugural members, the consortium will be open to all qualified financial institutions and licencing authorities.