🔗Dubai Welcomes Global Businesses With First Blockchain KYC Platform🔗
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☑️Dubai International Financial Centre (DIFC) and Mashreq bank announced the launch of their new blockchain data-sharing platform on March 1st.
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👉🏼This platform will allow licensed businesses and corporations to open digital bank accounts instantly by verifying their identities via an internal blockchain.
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Mashreq accomplishes this by removing the existing paper-based KYC procedure and replacing it with a blockchain-centric digital one. DIFC prepares each new KYC record as part of a company’s corporate license application. With the customer’s consent, this information is then shared electronically with Mashreq via the blockchain. The result is a simplification of the process companies currently go through when opening a new bank account. This will make it easier and faster for new companies to do business in the UAE.
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According to their statement, DIFC-incubated fintech firm Norbloc provided the blockchain platform (Fides), Gowling WLG drafted the legal agreements, and Deloitte supported Mashreq with governance and program management.
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☑️DIFC’s framework change makes the Fintech business even more appealing to the rest of the world
Source
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