HSBC to go live on Dubai Economy’s UAE KYC Blockchain Platform

HSBC to go live on Dubai Economy’s UAE KYC Blockchain Platform

Dubai Economy, the Department of Economic Development (DED), Dubai, has announced that HSBC will be the fourth founding members to go live on its UAE KYC Blockchain platform. Launched in 2020, the UAE KYC Blockchain Platform allows licensing agencies and banking institutions to share and exchange verifiable KYC (know your customer) data.

The platform was initiated by Dubai Economy, in collaboration with founding member banks and Norbloc, a global pioneer in enterprise blockchain solutions.

According to a statement, Omar Al Mehairi, Dubai Economy’s Director of Development and Follow-up Division, the Business Registration & Licensing sector, said that DED is delighted to see HSBC go live on the UAE KYC Blockchain Platform.

With this move, investors will now have an option of opening a bank account with the international bank digitally. The UAE KYC Blockchain Platform has revolutionized the investor bank account journey by reducing the time it takes to establish a relationship with banks.

Mr. Omar added that the UAE KYC Blockchain Platform contributes to the vision of Invest in Dubai (IID) Portal, allowing investors to open bank accounts instantly. DED is also pleased to see newly onboarded licensing entities and banking institutions in the execution phase. As the platform grows, they expect to see additional local and foreign banks joining the endeavor.

In the UAE, the platform will significantly improve customer data quality, which will support network expansion and use as a full customer data ecosystem. HSBC can now use the KYC data for customer onboarding and receiving updated information of existing customers.

CEO of HSBC UAE and Head of International, HSBC Bank Middle East Limited, Abdulfattah Sharaf, said that investment in digital infrastructures, like the UAE KYC Blockchain Platform, underpins HSBC's ambitious expansion strategy in the UAE.

The move will make it easier to serve customers quickly and concentrate more on their core banking needs with access to up-to-date KYC data from Dubai Economy.

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