Dubai International Financial Centre (DIFC) and Mashreq Bank have launched a blockchain-based Know Your Customer (KYC) platform to facilitate instant corporate digital bank accounts opening.

The offering is the outcome of the consortium DIFC and Mashreq formed in July last year, along with the DIFC incubated fintech venture norbloc.

The partners decided to leverage blockchain technology and focus on a specific use case to augment both the quality and integrity of corporate KYC information.

They also hope that this platform will improve the customer experience while opening a bank account, thereby improving the ease of doing business in DIFC.

The platform, which is now live, is available to all licensing authorities, financial institutions, and corporates in the UAE.

DIFC Authority CEO Arif Amiri said: “This initiative provides financial institutions and businesses with a platform in order to seamlessly undertake operations.

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“We place high importance on strategic collaboration with industry-leading financial institutions as part of our commitment to Emirates Blockchain Strategy 2021 that will accelerate seamless transactions and improve the efficiency of working processes for Government entities and professionals at the Centre.

“As we enter a new period of growth and expansion, our core focus on FinTech and blockchain are major steps on our journey towards transforming the future of finance.”

Mashreq Bank CEO Ahmed Abdelaal said: “The program aligns with the UAE Blockchain Strategy 2021, earmarking the beginning of a journey towards a broader vision of forming a Consortium of Banks, Government Bodies as well as other Licensing Authorities, for seamless sharing of customer KYC data, thus leading to increased transparency, added security and a better customer experience.

“As a digital leader, Mashreq will continue to innovate and elevate the banking experience for our customers and invest in solutions that make our operations more efficient and seamless, ultimately positioning the country as a global financial hub.”