The Dubai economy has gone live on the UAE KYC (Know-Your-Customer) blockchain platform making instant bank accounting functionality, secure digital customer onboarding, and sharing of verified data between financial institutions and licensing authorities possible.
Emirates NBD, a leading bank in the UAE, is the first banking group to be part of the project based on its active and operational bank accounts. Other banks like Commercial Bank of Dubai, RAKBANK, HSBC, and ADCB are expected to follow suit.
This blockchain-enabled ecosystem is set to be adopted nationwide in the exchange of authentic KYC data as it is already supported by the Central Bank of UAE and Smart Dubai.
By leveraging on the blockchain platform, participating financial institutions are seamlessly retrieving customer data and getting real-time updates on the same.