The UAE KYC Blockchain Platform has further expanded with Mashreq Bank partnering on the initiative with the Department of Economy and Tourism (DET), Dubai.
Mashreq Bank joins a group of four banks that are currently live on the network, including ENBD, CBD, ADCB, and HSBC. More banks and licensing authorities are currently in the implementation phase and will be announced soon.
The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified “know your customer” data between licensing authorities and financial institutions, enabling companies setting up operations in the UAE to instantly open a bank account. It also allows for KYC data remediation, meaning automatic KYC data renewals will be sent to institutions participating in the ecosystem.
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