Dubai International Financial Center (DIFC), Mashreq and norbloc have entered into a strategic partnership to establish the Gulf region’s first production-ready know your customer (KYC) blockchain data sharing consortium in Q1 2020.
As reported by Gulf News, the alliance signed a memorandum of understanding (MoU) in January 2019 with the aim of creating a fish-to-market platform serving banking sector clients in the United Arab Emirates (UAE).
The initiative is expected to facilitate faster and more secure onboarding and exchange of supporting documentation via advanced distributed technologies, such as blockchain.
Additionally, the program outlines the creation of a consortium agreement to govern the mutualization of KYC efforts among participating institutions.
Following a thorough joint proof of concept (PoC), the alliance determined the optimal business framework and technical architecture for supporting the requirements of registered firms, financial institutions and regulators alike.
Subsequently, norbloc’s enterprise-grade, blockchain-backed ecosystem will be the first in the region to allow for secure, customer-controlled KYC data sharing, initially between DIFC and Mashreq Bank.
By Q1 2020, firms should be able to digitally create a single KYC record, which can then be authenticated using electronic ID to share data simultaneously with various financial institutions.
This will in turn accelerate the time needed to acquire bank account numbers for newly registered companies and slash requirements for maintaining KYC data for previously registered firms.
The hope is that the consortium-run ecosystem will improve the ease of doing business while raising customer due diligence standards in the UAE.
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