DIFC and Mashreq Bank Launch Instant Bank Account Opening Via AUE’s First Blockchain KYC Platform

News / 02.03.2020

Dubai International Financial Centre (DIFC), in collaboration with Mashreq Bank announced the launch of their new blockchain data sharing platform.

According to the March 1 announcement, the new platform will allow licensed businesses and corporations to open digital bank accounts instantly by verifying their identities through an internal blockchain. The platform is currently live and available to all corporates and banks which base in the UAE.

This initiative will remove the existing paper-based KYC procedure and replace it with blockchain-powered digital one. As part of a company’s corporate license application, DIFC prepares each new KYC record. This information will then be shared electronically with Mashreq through the blockchain; but not without the customer’s consent.

In the end, the whole processes that companies currently pass through when opening a new bank account will be simplified. New companies will be able to do businesses in the region in more convenient and faster way.

DIFC Authority CEO, Arif Amiri, said the organization will continuously enhance and evolve the DIFC ecosystem in order to provide a world-class environment for its partners and customers to conduct business. He added that, this initiative provides financial institutions and businesses a platform in order to seamlessly conduct operations.

The CEO of Mashreq Bank, Ahmed Abdelaal also claims the bank will continue to lead the way in implementing emerging technologies into practical use for its customers. He added that, Mashreq will always innovate and elevate the banking experience for its customers and invest in solutions that make its operations more efficient seamless.

DIFC and Mashreq invite all other banks and licensing authorities to join their ecosystem and harness the efforts and learnings to provide the best of services to their clients.

Featured image courtesy of Shutterstock. Source: Cryptopress

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.