HSBC becomes first foreign entity onboarded to Dubai’s KYC blockchain
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....
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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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