It includes the data of companies registered in the Dubai Economy .. It facilitates digitally opening accounts and updating information

«Dubai Trade» launches «Know your customer» platform based on «Blockchain»

• The bank confirmed its readiness to start operating the platform in cooperation with Dubai Economy.

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Commercial Bank of Dubai announced its readiness to start operating the "Know Your Customer" platform, which is based on blockchain technology, an initiative that facilitates the process of opening accounts in a secure digital manner, updating data electronically, and sharing documented customer data between licensing authorities and financial institutions.

This initiative is presented by Dubai Economy, and is supported by the international "Noor Block" company, which specializes in blockchain technologies, and is working on developing customer data sharing platforms.

The Blockchain-based Know Your Customer platform was launched in the UAE by the Dubai Economy, in cooperation with a consortium of six banks, in February 2020, while it is set to become an integrated nationwide system for exchanging authenticated customer data.

The initiative is fully supported by the Central Bank and Smart Dubai, who will play a major regulatory role.

A strong partnership

Omar Bushehab, Executive Director of the Commercial Registration and Licensing Sector at Dubai Economy, said: “The Dubai Economy and Commercial Bank of Dubai have always sought, through their strong and long-term partnership, to enhance the ease of doing business for investors and companies in the UAE, and we are pleased today that Commercial Bank of Dubai is one of the first banks. That announced its readiness to operate and operate the (Know Your Customer) platform.

He explained that the platform allows investors and companies holding DED licenses to open a digital bank account immediately, and also allows banks to obtain direct data updates for their small and medium-sized companies' clients, noting that 40% of the total commercial licenses in the UAE have been recorded on the platform. .

Digital transformation

Bushehab added that this initiative comes in line with the government's vision to drive digital transformation to ensure business continuity and sustainability, as it provides a seamless experience for investors and companies seeking to establish themselves in the UAE, calling on other licensing entities, free zones and financial institutions to join and benefit from the initiative that has been fully tested. And it has proven its efficiency and worth.

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"We are looking forward to the joining of Abu Dhabi Commercial Bank, HSBC Bank and Ras Al-Khaimah National Bank to start operating the platform, which is scheduled to be in the first quarter of this year, as well as expanding the initiative to include more banks and free zones," Bushehab added. ».

"Our next step will be the formal launch of the coalition's governing agreement for the platform, which will determine how data is shared among its members," he said.

Innovative solutions

For his part, Chief Executive Officer of Commercial Bank of Dubai, Dr. Bernd Van Linder, said: “We are pleased to be one of the first banks in the UAE to announce its readiness to launch the (Know Your Customer) platform, based on blockchain technology, in cooperation with Dubai Economy.”

He pointed out that «this step comes out of the Commercial Bank of Dubai commitment to accelerate the pace of the national economy, and to enhance the business climate by adopting innovative digital solutions, and providing a seamless banking experience, in line with our strategy to be a fully digital bank».

Linder said, "The platform will facilitate the opening of accounts for clients from small and medium companies and emerging enterprises, and enhance the process of (Know Your Customer) faster and safer by using advanced technologies that run the blockchain system, which will facilitate the opening of projects in the UAE."

He added, "We look forward to working with Dubai Economy and (Noor Block) to offer small and medium-sized companies and emerging companies an easy, convenient and digital way to open a commercial account through the platform."

Smooth experience

"Banks like Commercial Bank of Dubai have realized that the ability to provide a seamless digital banking experience to customers is something that is expected of customers," said the CEO of Noor Block, Estianax Kanakakis.

"In addition, the less effort expended in preparing the KYC process means that more time and resources can be given to customer service," he added.

The platform is scheduled to start operating during the first quarter of 2021.

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