HSBC has signed on because the fourth founding member financial institution of a blockchain-based KYC information sharing coalition within the UAE.
It’s designed to assist assist licensed companies and corporates open digital financial institution accounts immediately as a part of the Put money into Dubai initiative.
The platform, developed by DIFC-incubated blockchain agency norbloc, is now reside and obtainable to all UAE-based corporates and banks.
Abdulfattah Sharaf, group GM, CEO, HSBC UAE, says: “By having the ability to entry up-to-date KYC information immediately from Dubai Financial system, we will serve clients sooner and focus extra on their core banking wants.”
Omar Al Mehairi, Dubai Financial system, provides: “The UAE KYC Blockchain Platform has reworked the investor checking account journey by considerably decreasing the time it takes to ascertain relationship with banks. This can positively enhance UAE’s rating in world Ease of Doing Enterprise index.”