Dubai’s economic department to roll out blockchain-based corporate KYC
Dubai’s Department of Economic Development wants to accelerate the total adoption of UAE KYC — the national Know Your Customer standard running on blockchain technology. Dubai’s Department of Economic Development, or “Dubai Economy,” and the Dubai International Financial Centre are working to expand their Know Your Customer platform to financial institutions across the United Arab Emirates.The DIFC made the planned project expansion known via an announcement published on its website on April 6.According to the communique, both organizations have signed an agreement to put the necessary....
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HSBC plans to improve the KYC process for local investors and corporate clients by leveraging blockchain technology. Global banking giant HSBC has announced that it has been successfully onboarded to the regional Know-Your-Customer (KYC)-focused private blockchain backed by Dubai’s government.HSBC is the first overseas, and fourth founding member, to go live on the “UAE KYC Blockchain Platform,” which was developed by the Dubai-based Department of Economic Development, dubbed “Dubai Economy.”The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified....
Dubai‘s leaders are committed to researching and developing blockchain technology. For instance, the Crown Prince of Dubai wants all government documents held in a blockchain by 2020. Now the largest bank in Dubai, Emirates, has partnered with India’s ICICI on a remittance pilot based on distributed ledger protocols. Crown Prince of Dubai Focused On....
Dubai’s Global Blockchain Council (GBC) has revealed it may hold events this year that could seek to assist startups with job placement and investments. The announcement comes on the heels of the recently formed coalition’s second meeting, which discussed the various initiatives it may take up this year. Launched by the Dubai Museum of the Future Foundation in February, the group’s 32 members include IBM and SAP as well as regional startups startups like BitOasis and Umbrellab and government organizations. The GBC indicated that it may hold a conference as well as a hackathon this year....
While its unconventional design and vivid white facade may draw the eyes of passersby, at the 3D printed headquarters for Dubai’s Museum of the Future, it’s a series of neatly folded name cards that perhaps tells the more impressive story. Inside the government-backed incubator, diverse participants gathered for the most recent meeting of Dubai’s Global Blockchain Council (GBC), a 40-member group formed to investigate blockchain and digital currencies. Far from members of IT teams, attendees included executives from tech giants like IBM and Ericsson as well as leaders of regional startups,....
Comment added from Brian Donegan, head of operations for digital development and e-business at the Department of Economic Development and Nick Williamson, CEO of Pythia. The Isle of Man's Department of Economic Development today announced plans to trial the first government-run blockchain project. Using proof-of-stake protocol Credits, developed by local startup Pythia, the department will create a registry of digital currency companies operating on the island. Brian Donegan, head of operations for digital development and e-business at the Department of Economic Development, told CoinDesk....