To exchange "platform" data between licensing authorities and financial institutions
Dubai Economy and Dubai International Financial expand the 'Know Your Customer' alliance
Dubai Economy and the DIFC Authority have signed a cooperation agreement to unify efforts and expand the alliance of customer data exchange “Know Your Customer” based on blockchain technologies in the UAE, to be the first of its kind in the region.
Dubai Economy stated in a statement yesterday that the platform will facilitate the transfer and exchange of data faster, safer and more smoothly for customers using digital services, and it will also allow the sharing of verified data between licensing authorities and financial institutions through advanced technologies.
The founding members of the coalition include Dubai Economy, Dubai International Financial Center, Emirates NBD, Emirates Islamic Bank, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, Ras Al Khaimah National Bank and Mashreq Bank. The first phase of the platform will be implemented in 2020, and more entities have joined it since its launch, providing nearly 50% of the “Know Your Customer” digital records in the United Arab Emirates.
The Director General of the Legal Affairs Department of the Government of Dubai, Dr. Luay Muhammad Khalfan Belhoul said: “The Legal Affairs Department is proud to be one of the main strategic partners of Dubai Economy in this initiative, the first of its kind in the region. Dubai Economy, Dubai International Financial Center, and the formation of the (Know Your Customer) platform alliance for (Blockchain) in the country.
For his part, Executive Director of the Institutional Support Sector at Dubai Economy, Abdullah Hassan, said, “Dubai Economy focuses on promoting the digital economy, as the launch of the (Know Your Customer) platform based on blockchain technologies in the UAE, in partnership with our partners from Major banks are testament to our ambitions to transform Dubai into a global investment destination. ”
Alia Al Zarouni, Executive Vice President of Operations at the DIFC Authority, said: “We are delighted to collaborate with Dubai Economy to share best practices so that we can collectively advance Dubai’s digital economy.
"Applying the KYC solutions for new companies will make it easier for new companies to easily open accounts when setting up operations in the UAE," she added.
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