Rating agency Moody's gives positive comments on UAE's KYC blockchain platform

The international authoritative credit rating agency Moody's gave positive evaluation to the platform jointly established by six UAE banks. The platform uses blockchain technology to share verified data with customers. Moody's said that we expect that by reducing operational risk, this customer identification KYC blockchain platform will support the asset quality of UAE banks. With blockchain-enabled distributed technology, the platform will facilitate faster and more secure customer logins and exchange of customer data and files in proven digital form. This will ensure increased compliance with local and international KYC regulations, while reducing the risk of data theft.