HSBC goes live on UAE’s know-your-customer (KYC) Blockchain platform. This makes HSBC the first overseas bank and the 4th founding member of the platform to go live.
The UAE KYC Blockchain platform is a nationwide ecosystem for verifying “know your customer data” between licensing authorities and financial institutions, an announcement on Sunday said.
The platform comprises members such as Emirates Islamic, Emirates NBD, Commercial bank of Dubai, Abu Dhabi commercial bank, HSBC, RAKBANK, Mashreq Bank, and Dubai Economic DIFC.
Its design will help licensed companies and corporations open digital accounts instantly as part of the Invest in Dubai initiative. The platform is developed by Swedish firm Norbloc, a global leader in enterprise blockchain.
The UAE KYC blockchain platform supports the vision of the Invest in Dubai (IID) portal by facilitating the instant opening of bank accounts for investors. Institutions save time and money because they can use shared data about new customers rather than obtain it themselves.
Commenting on the development, Abdulfattah Sharaf, CEO, HSBC UAE, said: “HSBC’s ambitious growth strategy in the UAE is underpinned by investment in digital infrastructure such as UAE KYC blockchain platform. 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.”