HSBC went live on the UAE KYC blockchain platform

HSBC and Dubai Economy strengthened the UAE KYC Blockchain Consortium with HSBC. It becomes the fourth founding member going live on the Platform.

The UAE KYC Blockchain Platform is considered a national ecosystem for exchanging verified data between financial institutions and licensing authorities. In partnership with founding member banks, Dubai Economy launched this market-leading initiative in February 2020. A global leader powers the industry in enterprise blockchain technologies that enable sharing of regulated data.

Director of Development of the Business Registration & Licensing sector and Follow-up Division of Dubai Economy, Omar Al Mehairi, said that Dubai Economy is happy to be live with HSBC on the UAE KYC Blockchain Platform. Now, investors have an additional choice of opening a bank account digitally with an international bank. By significantly reducing time to establish relationships with banks, the UAE KYC Blockchain Platform transformed the investor bank account journey. This will improve UAE’s ranking in terms of a global context.

The UAE KYC Blockchain Platform supported the IID – vision of the Invest in Dubai Portal by making the instant opening of bank accounts for investors. Omar Al Mehairi added that they are pleased to see financial institutions and newly licensed entities in the implementation phase.

Details on this initiative

The initiative in the UAE will significantly improve customer data quality. This process will underpin the future expansion of the network and its evolving use as a comprehensive customer data ecosystem. HSBC can now benefit from the KYC data for their customer onboarding and receive data updates for their existing customers.

CEO, Head of International, HSBC Bank Middle East Limited and Group General Manager of HSBC UAE, Abdulfattah Sharaf, said that the UAE KYC Blockchain platform underpins HSBC’s growth strategy. He said that they would serve customers faster.