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Dubai International Financial Centre (DIFC) and Mashreq Bank announced on March 1 the launch of a new blockchain data sharing platform.
This platform will allow licensed companies and companies to verify their identity through an internal blockchain platform and open digital bank accounts instantly.
Mashreq removed the existing paper-based KYC process and replaced it with a digital process using blockchain as its core technology. DIFC prepared a new KYC record for each company as part of the company's application for a business license. With customer consent, this information is then shared electronically with Mashreq via the blockchain. The result is a simplified traditional process that companies must go through when opening a new bank account. This will make it easier and faster for the new company to do business in the UAE.
According to their statement, DIFC-incubated fintech company Norbloc provided the blockchain platform (Fides), Gowling WLG drafted a legal agreement, and Deloitte helped support Mashreq for governance and project management.
DIFC's institutional reforms make Fintech businesses more attractive to the rest of the world
DIFC's recent business mechanism reforms have made possible the recent launch of Mashreq Bank. The Dubai International Finance Centre is an independent free zone in Dubai that provides businesses with 100% business ownership without the need for local partners.
DIFC's legal framework emphasizes data protection while maintaining practices consistent with all EU regulations and OECD guidelines. Their system is designed to help organizations process their personal compliance information while maintaining everyone's privacy. Mashreq CEO Ahmed Abdelaal added:
"The plan is consistent with the UAE's 2021 blockchain strategy, marking the beginning of a broader vision of forming a consortium of banks, government agencies and other authorized institutions to achieve seamless sharing of customer KYC data and thereby increase transparency , Increased security, and a better user experience … "
As previously reported by Cointegraph, the UAE has recently taken a positive stance on the cryptocurrency and blockchain industries. In addition to Mashreq's KYC platform, other blockchain-based project plans are also under development. These include a digital trade project called the Digital Silk Road and a document exchange platform project called the Bank Trust Network.