Dubai Economy has signed an agreement with Dubai Silicon Oasis Authority (DSOA), Dubai Multi-Commodities Center (DMCC), and Dubai Airport Free Zone Authority (DAFZA) 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 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.
Mohammed Hassan AlShehhi, Acting CEO, Business Registration and Licensing sector of Dubai Economy, said: “Dubai Economy is focused on strengthening Dubai’s digital economy. The launch of the Unified Business Registry and the Know Your Customer Blockchain Platforms in partnership with our key licensing and banking partners is a testament to our ambitions to transform Dubai into a global tech-driven investment destination.
“Following the launch of these platforms in 2017 and 2020 respectively, they have become increasingly crucial not only in streamlining and governing business setup in Dubai but also in simplifying the opening of bank accounts for investors and sharing verified KYC data with financial institutions. These initiatives have a positive impact in attracting business and on the ease of doing business ranking of Dubai and the UAE.”
Dr Juma Al Matrooshi, Deputy CEO of DSOA, added: “As an integrated technology park, Dubai Silicon Oasis provides a conducive environment for developing and testing innovative and advanced technologies in different fields such as blockchain, artificial intelligence, and smart city solutions.
“DSOA is committed to employing these technologies to boost efficiencies, support business partners growth, and enhance collaborations with stakeholders in the drive for excellence. Joining the Know Your Customer (KYC) Blockchain Platform through the Unified Business Registry (UBR) Platform is an evidence of our commitment to building synergies that leverage the strengths of diverse public and private sector partners to fast-track Dubai’s drive to be the smartest city in the world.” Amna Lootah, Assistant Director General of the Dubai Airport Freezone Authority (DAFZA), added: “DAFZA is committed to being a major contributor to various government efforts aimed at advancing the future of Dubai’s digital economy and strengthening investments in the digital sector. The integrated platform consolidates the reputation of the emirate globally, as a forerunner in adopting the latest digital platforms that support businesses within the global investment community and helps advance economic systems and processes.”
