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Abu Dhabi Islamic Bank (ADIB) has become the first Islamic bank to go live in the UAE on its KYC (Know Your Customer) blockchain platform, a national ecosystem for exchanging funds between licensing authorities and financial institutions Verified KYC data.
Dubai’s Department of Economy and Tourism (DET) launched the initiative in 2020 in partnership with four founding member banks: Emirates National Bank (ENBD), Commercial Bank of Dubai (CBD), Abu Dhabi Commercial Bank (ADCB) and HSBC. Today, the platform has been extended with DIFC, RAKEZ, RAK ICC, Mashreq Bank and WioBank joining the system. The UAE KYC blockchain platform will facilitate faster and more secure onboarding and exchange of digital customer data and documents through advanced blockchain-powered distributed technology, the first of its kind in the region.
Ahmad Khalifa AlFalasi, CEO of Dubai Business Licensing Corporation, commented: “We are delighted to welcome Abu Dhabi Islamic Bank to our growing blockchain ecosystem. We enter into a strategic partnership with a bank to launch the first KYC zone in the UAE Blockchain platform, which is an important step to attract global investors into this market.
Through this advanced mechanism, we aim to further improve the ease of doing business and to further strengthen and ensure compliance in the UAE in general. Since blockchain is a breakthrough technology, we see great potential to simplify services and operations, saving time, money and resources for everyone involved (individuals, companies and government agencies).
“Inspired by our visionary leadership, the Blockchain KYC Alliance is a testament to the proactive stance governments are taking in leveraging blockchain technology to improve business efficiency and transparency. ADIB can now benefit from KYC data to aid their Customers are onboarded and receive data updates from existing customers,” AlFalasi added.
Samih Awadhalla, Acting Global Head of Retail Banking, ADIB, said: “When ADIB joined the UAE KYC Blockchain Alliance, our clear aim was to develop onboarding businesses and provide a more secure way of handling and exchanging data. We are proud to support DET and “Partnering with other banks in this important undertaking. By improving our ability to protect sensitive data, we hope to give our customers peace of mind and enable a seamless user experience.”
Astyanax Kanakakis, CEO and co-founder of norbloc, said: “The continued expansion of the KYC blockchain platform in the UAE to include major banking institutions such as ADIB further strengthens a network that has been in operation for three years. Joining the financial institutions ensures that norbloc’s Fides platform will continue to provide an improved KYC experience for financial institutions and their clients in the UAE.”
With the launch of the KYC blockchain platform, companies’ authenticated and verified KYC data will be simultaneously shared with their preferred financial institutions. This will speed up the opening of bank accounts for newly registered companies and pave the way for simplified KYC data management processes for companies already registered in the system. — MENAFN
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