New Blockchain KYC Platform for Dubai to Launch in 2020

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The Dubai International Financial Centre (DIFC) along with Mahreq Bank and a fintech firm – Norbloc, have jointly announced a new alliance to introduce the first Know Your Customer (KYC) data-sharing platform which will be officially launched in 2020.  Officially described as a consortium, the new initiative is expected to enable speedy exchange and sharing of private documentation using advanced distributed technologies like blockchain, to ensure proper security.

The project will combine efforts from the three firms to create a secure data bank for KYC information between different financial institutions, government agencies and other platforms that may be required by law to obtain this data from customers. The new platform will establish a KYC record allowing easy verification and exchange between these institutions.

CEO of the DIFC Authority, Arif Amiri, has spoken on the potential for the new consortium. According to him:

“This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre.”

In January 2019, in accordance with the UAE Blockchain Strategy 2021, the firms formed a Memorandum of Understanding, MoU “with the strategic intent to create a first-to-market platform serving banking sector clients in the UAE.” Accordingly, the DIFC and Mashreq Bank are the official inaugural members but in the near future, more financial institutions and authorities will be on boarded to the consortium.

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