A new partnership between the Dubai International Financial Centre (DIFC), Mashreq Bank and fintech firm Norbloc aims to launch a blockchain-based Know Your Customer (KYC) data-sharing consortium in 2020. The official United Arab Emirates news agency, Emirates News Agency, reported on the new development on July 31.
The DIFC, Mashreq Bank and Norbloc — a Stockholm-based blockchain project focused on KYC and a member of the Hyperledger consortium — are planning to jointly launch the consortium in the first quarter of 2020 to support businesses in Dubai.
As part of the project, the parties will establish a consortium agreement to amalgamate the KYC efforts of future participating financial institutions and government bodies. The program will purportedly create a single digital KYC record, which can subsequently be authenticated with an electronic ID, allowing users to share data with other financial institutions. The CEO of the DIFC Authority, Arif Amiri, commented:
"This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre."
Earlier in July, the Dubai Chamber of Commerce and Industry (DCCI) entered a joint initiative to promote the adoption of blockchain trade solutions. The trade solutions will support the DCCI’s recently launched Digital Silk Road platform, which aims to apply blockchain tech to eliminate major vulnerabilities in the global trading system.
Last month, the Dubai Land Department and telecoms firm Etisalat signed a memorandum of understanding concerning blockchain technology for real estate. Both parties said they aim to implement smart government standards and introduce paperless management and digital contracts for property transactions.