The United Arab Emirates is debuting a blockchain-based Know Your Customer platform. This platform is set to become a nationwide system for exchanging verified consumer data. DED, or Dubai’s Department of Economic Development, and state-run bank Emirates NBD are rolling out their UAE KYC Blockchain Platform.

120 local firms signed up for the platform with Emirates NBD

First published in February 2020, the new blockchain platform is intended to unlock digital consumer onboarding, instant bank account functions, and approved KYC data sharing between licensing authorities and financial institutions. Declaring the news on July 28, the DED and Emirates NBD stated that the platform has over 120 companies already onboarded by the bank with active bank accounts.

According to the declaration, Emirates NBD is the first bank to go live on the platform at launch. The bank will essentially work with small and medium-sized enterprises, allowing them to onboard digitally. They will also be capable to instantly open bank accounts by Emirates NBD’s E20 Digital Business Bank. During the first stage of the project, Dubai Economy shifted all active trade licenses on the blockchain platform, amounting to more than fourty percent of all active trade licenses in the UAE.

The project aligns with the government’s vision of digitization.

As earlier stated, the new project is backed by major local authorities. These involve the Central Bank of UAE and the government-backed innovation office, Smart Dubai. According to DED and Emirates NBD, the platform will soon highlight several banks, including Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, and RakBank.

In current years, the UAE has risen as a significant global jurisdiction with a welcoming stance towards the blockchain and crypto industries. Beginning this year, Abu Dhabi Islamic Bank reportedly became the first Islamic bank to administer trade finance distribution transactions utilizing blockchain technology. Abu Dhabi Global Market, an international financial center and the free zone, is reportedly preparing to launch crypto asset trading in 2020.