Dubai Silicon Oasis Authority (DSOA), Dubai Multi-Commodities Center (DMCC), Dubai Economy, and Dubai Airport Free Zone Authority (DAFZA) have signed an agreement to join the Know Your Customer (KYC) Blockchain Platform through the Unified Business Registry (UBR).
According to the statement, work is in progress to complete the connectivity between the UBR Blockchain Platform and the KYC Blockchain Platform by the fourth quarter of 2021.
Once completed, the members of the UBR Blockchain Platform who have chosen to participate in the KYC Blockchain Platform can extend all use cases implemented in the KYC Blockchain Platform to their customers. This will enable faster, more secure and streamlined customer onboarding and allow sharing of verified e-KYC data between licensing authorities and financial institutions by leveraging advanced distributed technologies.
Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, are active on the KYC Blockchain Platform. More licensing entities and financial institutions are in the process of joining the platform.
“Dubai Economy is focused on strengthening Dubai’s digital economy. The launch of the UBR and the KYC Blockchain Platforms in partnership with our key licensing and banking partners is a testament to our ambitions to transform Dubai into a global tech-driven investment destination. The platforms have simplified the opening of bank accounts for investors and sharing verified KYC data with financial institutions. These initiatives have a positive impact in attracting business and on the ease of doing business ranking of Dubai and the UAE.”
Dr. Juma Al Matrooshi, Deputy CEO of DSOA stated that joining the KYC Blockchain Platform through the UBR Platform is evidence of DSOA’s commitment to building synergies that leverage the strengths of diverse public and private sector partners to fast-track Dubai’s drive to be the smartest city in the world.
“Through this agreement with Dubai Economy, we will be augmenting our fully digital onboarding process to make it easier and quicker for businesses to set up at DMCC,” said Mr. Ahmad Hamza, Executive Director – Free Zone, DMCC.
The agreement follows the launch of the DMCC Crypto Centre and is in line with DMCC’s goal of using distributed ledger technologies like blockchain to streamline business and provide world-class services to its members, added Mr. Hamza.
Ms. Amna Lootah, Assistant Director-General of the Dubai Airport Freezone Authority (DAFZA) said, “DAFZA is at the forefront of adapting to the latest technologies in delivering exceptional customer experience. We are proud to be supporting the UAE’s KYC Blockchain Platform as it will be a key enabler to digitalize, boost efficiency and flexibility.”
The UAE’s KYC Blockchain Platform is the first-of-its-kind in the region and will enhance Dubai’s position as an attractive destination for foreign investments, as well as increase the confidence of the business community across the country.