Strap: Global bank, HSBC has joined UAE KYC Blockchain platform for KYC data sharing in coalition with three other banks in the UAE
Copy: HSBC Bank has signed up as the fourth founding bank as a member of the blockchain based KYC data sharing coalition in the UAE.
The platform is a national ecosystem for the exchange of verified know you customer data between licensing authorities and financial institutions.
The platforms is designed to help support licensed businesses and corporates open digital bank accounts instantly as part of the Invest in Dubai initiative.
The blockchain platform has been developed by DIFC-incubated blockchain firm norbloc and is live and available to all UAE-based corporates and banks.
Abdulfattah Sharaf, group GM, CEO, HSBC UAE, said, “By being able to access up-to-date KYC data directly from Dubai Economy, we will be able to serve customers faster and focus more on their core banking needs.”
Omar Al Mehairi, Dubai Economy, said, “The UAE KYC Blockchain Platform has transformed the investor bank account journey by significantly reducing the time it takes to establish relationship with banks. This will positively improve UAE’s ranking in global Ease of Doing Business index.”