The initiative will facilitate faster, more secure onboarding and exchange of supporting documentation via advanced distributed technologies including blockchain.
Wednesday 31, July 2019 BY KUDAKWASHE MUZORIWA
The Dubai International Financial Centre (DIFC) together with Mashreq Bank and norbloc have partnered to launch the region’s first production-ready blockchain Know Your Customer (KYC) data-sharing consortium to support businesses and corporates in Dubai by Q1 2020.
The agreement outlines the creation of a consortium agreement to govern the mutualisation of KYC efforts among future participating banks, government bodies as well as financial institutions and other licencing authorities to subscribe to the platform.
In a joint statement, the tripartite said that the agreement is determined to the establishment of optimal business framework and technical architecture to support the requirements of registered companies, financial institutions and regulators.
HE Abdul Aziz Al Ghurair, the CEO of Mashreq Bank, said that investing in blockchain technology will greatly improve the customer onboarding and compliance experience, making the entire process unified as well as hassle-free.
The trio said that by Q1 2020 companies will be able to digitally create a single KYC record—which will be authenticated with electronic—to simultaneously share data with their various financial institutions.
A single KYC record will accelerate the time required to acquire a bank account number for newly registered companies and reduce the burdensome and costly requirements of managing KYC data for already registered companies.