Dubai Welcomes Global Businesses With First Blockchain KYC Platform

Dubai First Blockchain KYC Platform: Dubai International Financial Centre (DIFC) and Mashreq bank announced the launch of their new blockchain data-sharing platform on March 1st.

This platform will allow licensed businesses and corporations to open digital bank accounts instantly by verifying their identities via an internal blockchain.

Mashreq accomplishes this by removing the existing paper-based KYC procedure and replacing it with a blockchain-centric digital one. DIFC prepares each new KYC record as part of a company’s corporate license application. With the customer’s consent, this information is then shared electronically with Mashreq via the blockchain. The result is a simplification of the process companies currently go through when opening a new bank account. This will make it easier and faster for new companies to do business in the UAE.

According to their statement, DIFC-incubated fintech firm Norbloc provided the blockchain platform (Fides), Gowling WLG drafted the legal agreements, and Deloitte supported Mashreq with governance and program management.
Read more on Thefuture: https://thefuture.best/dubai-welcomes-global-businesses-with-first-blockchain-kyc-platform/