DIFC Joins Mashreq to Launch Instant Bank Account Opening Through KYC Blockchain

News / 02.03.2020

Two major UAE banks, Dubai International Financial Centre (DIFC), and Mashreq Bank announced the launch of a new blockchain data-sharing platform.

This announcement was made on the 1st of March 2020, offering a new platform that allows for the instant opening of digital bank accounts. Licensed businesses and corporations will have to verify their identities through an internal blockchain platform. This platform has gone live, open to all corporates and banks based in the UAE.

Increased Change and Simplification

Signifying changing times, the paper-based KYC procedure will be replaced by a blockchain-powered digital one. The DIFC shall prepare a new KYC record as part of a company’s corporate license application. The data in the records is then electronically shared with its partner, Mashreq bank, through the blockchain only after the customer’s consent.

A simplification of the process of account opening by companies is being ushered in through the project. New businesses will have a faster and convenient way of doing business in the region as a result.

Company Heads’ Perspectives 

According to Arif Amiri, DIFC’s CEO, the organization will continuously enhance and evolve the DIFC ecosystem. This process promises to offer a world-class business environment for its partners and customers. A platform that allows for seamless conducting of operations shall be availed to business and financial institutions through this initiative.

The CEO of Mashreq Bank, Ahmed Abdelaal also claims the bank shall continue to lead the way in technological adoption and practical usage. According to him, Mashreq aims to provide an enviable banking experience to its customers via innovations. The bank plans to invest in solutions that make its operations more efficient and seamless.

The two, DIFC and Mashreq, also extended an invitation to all other banks and licensing authorities to join their ecosystem. They welcome these players to harness these efforts and gains in blockchain integration to provide the best of services to their clients.

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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.