Banking News

HSBC Joins KYC Blockchain Platform

(1 July 2021 - Global) HSBC has signed on as the fourth founding member bank of a blockchain-based KYC data sharing coalition in the UAE.

The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified know your customer data between licensing authorities and financial institutions.

It is designed to help support licensed businesses and corporates open digital bank accounts instantly as part of the Invest in Dubai initiative.

The platform, developed by DIFC-incubated blockchain firm norbloc, is now live and available to all UAE-based corporates and banks.

Abdulfattah Sharaf, group GM, CEO, HSBC UAE, says: "By being able to access up-to-date KYC data directly from Dubai Economy, we will be able to serve customers faster and focus more on their core banking needs.”

Omar Al Mehairi, Dubai Economy, adds: "The UAE KYC Blockchain Platform has transformed the investor bank account journey by significantly reducing the time it takes to establish relationship with banks. This will positively improve UAE’s ranking in global Ease of Doing Business index."