Dubai firms will be able to digitally create a single KYC record to share data with their various financial institutions
A new alliance involving Dubai International Financial Centre (DIFC), Mashreq Bank and fintech firm Norbloc will launch the Middle East region’s first blockchain-based 'know your customer' (KYC) data-sharing consortium.
The partnership, which started with a memorandum of understanding signed in January this year, will facilitate faster, more secure onboarding and exchange of supporting documentation via advanced distributed technologies, including blockchain.
By Q1 of 2020, companies will be able to digitally create a single KYC record, which will be authenticated with an electronic ID, to simultaneously share data with their various financial institutions.
Arif Amiri, CEO of the DIFC Authority, said, "This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre."
While DIFC and Mashreq Bank will serve as inaugural members, the consortium will be open to all qualified financial institutions and licencing authorities. Norbloc is a KYC and client onboarding fintech regionally headquartered in the DIFC.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.