The Dubai Economy and Emirates NBD announced yesterday that they are fully prepared to start operating the “Know Your Customer” platform, which is based on Blockchain technology in the UAE, an initiative aimed at facilitating companies ’adherence to bank customer bases in a secure digital manner, and opening a bank account at Instantly, and share customer data between licensing authorities and financial institutions, through advanced blockchain technology.

This initiative is supported by "norbloc", the company specialized internationally in developing the "know your customer" platform, which is based on "block chain" technology.

The initiative is expected to turn into an integrated system at the country level, to exchange documented customer data. The project is fully supported by Smart Dubai and the central bank, which plays a pivotal regulatory role in the initiative. Commercial Bank of Dubai, Abu Dhabi Commercial Bank, HSBC and Ras Al-Khaimah National Bank are preparing to launch the platform soon. "We announce our full readiness to launch the" Know Your Customer "platform, which is based on (Block Chain technology) in the UAE, as today it includes more than 120 companies," Omar Bushahab said in a statement yesterday. Listed by Emirates NBD, and it has effective bank accounts. This initiative is one of the initiatives participating in the Dubai number one agenda, which focuses on improving customer experience. ” With the launch of the first phase, Dubai Economy has transferred all effective commercial licenses to the platform based on "Block Chain", which represents more than 40% of the total effective commercial licenses in the UAE. For his part, Chief Executive Officer of Operations Department at Emirates NBD Group, Abdullah Qasim said: “From our continuous keenness to support small and medium companies and emerging projects in the country, we welcome the announcement of the readiness of our first actual model to use the platform, which allows customers from the small companies sector The medium can open bank accounts instantly, via the Digital Business Bank (E20) application. Thanks to its multiple use models that include Emirates NBD and Emirates Islamic, this innovative solution comes, in line with our common commitment to simplifying banking operations for our valued customers, and enabling them to focus on their business. ”

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