The Dubai Department of Economic Development (DED) has established a "Know Your Customer (KYC)" blockchain alliance with six major banks. The six banks involved in this work include Emirates NBD, a bank owned by the Dubai government, HSBC, the Islamic Bank of the United Arab Emirates, RAKBank, Abu Dhabi Commercial Bank and Dubai Commercial Bank. The KYC blockchain alliance is scheduled to launch in the first quarter of 2020 and is said to be the first of its kind in the region. In addition, the ecosystem supported by the alliance hopes to promote business and compliance in the UAE. It is reported that the UAE Central Bank and Smart Dubai authorities will oversee the operation of the KYC blockchain alliance.