Dubai Economy Signs Agreement with DSOA, DMCC and DAFZA to participate in UAE KYC Blockchain Platform

Dubai Economy, Dubai Silicon Oasis Authority (DSOA), Dubai Multi-Commodities Center (DMCC), and Dubai Airport Free Zone Authority (DAFZA) have signed an agreement to participate in the Know Your Customer (KYC) Blockchain Platform through the Unified Business Registry (UBR) Platform. Work is underway to complete the connectivity between the UBR Blockchain Platform and the KYC Blockchain Platform by Q4 2021. With this milestone, members of UBR Blockchain Platform that have chosen to participate in KYC Blockchain Platform can extend all Use Cases implemented in the KYC Blockchain Platform to their customers. This will facilitate 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 live on the KYC Blockchain Platform. Additional licensing entities and financial institutions are in the process of joining the platforms along with Dubai Silicon Oasis Authority, Dubai Multi-Commodities Center, and Dubai Airport Free Zone Authority.