HSBC Goes Live on UAE's 'KYC' Blockchain Platform
Data shared over the platform's blockchain enables institutions to see shared data about new customers.
HSBC has gone live on the United Arab Emirates' know-your-customer (KYC) blockchain platform, becoming the fourth founding member and first overseas institution to do so.
- The platform exchanges data between financial institutions for KYC purposes, an announcement on Sunday said.
- Data is shared over the platform's blockchain, enabling potential customers to be swiftly approved by member institutions using the credentials provided to others.
- Institutions save time and money because they can use shared data about new customers rather than having to obtain it themselves.
- The platform is powered by Swedish firm norbloc's Fides blockchain.
- Members of the consortium – launched in February 2020 by Dubai's Department of Economic Development, which is known as "Dubai Economy" – include Emirates Islamic, Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, Rakbank and Mashreq Bank.
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