Dubai’s Department of Economic Development (Dubai Economy) has formed a blockchain consortium with six UAE banks to support verified KYC (Know Your Customer) data exchange between UAE banks and licensing authorities.

The banks involved in the initiative are Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank (ADCB), and Commercial Bank of Dubai (CBD).

The aim of the KYC Blockchain Consortium is to leverage blockchain technology to support quicker digital customer data and document exchange while addressing security concerns.

Expected to launch in the first quarter of this year, the KYC Blockchain platform will support the exchange of firms’ verified KYC data with their preferred financial institutions.

ADCB head of Government Banking Saoud Al Jassem said: “The Blockchain KYC Production Platform will allow corporate clients to experience seamless registration and account opening and enhanced KYC capabilities.

“Additionally, it will ensure the UAE, in line with the Vision 2021, is a world leader in terms of the ease of doing business in the country.”

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The consortium has tapped blockchain firm norbloc, which will offer its Fides KYC Platform.

Dubai Pulse, a joint effort of Smart Dubai and telecoms firm du, will serve as the government-certified blockchain platform enabler.

Dubai Economy deputy director general Ali Ibrahim said: “The platform will offer a digital ‘Instant Bank Account’ functionality, allowing for faster and less cumbersome onboarding journey with banks and significantly improving the experience of new investors looking to establish themselves in the UAE.

“This in turn will boost customer satisfaction as well as ease of doing business in the UAE as a whole.”