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Dubai Economy, the Dubai-based Department of Economic Development (DED), has announced that HSBC will go live on its UAE KYC Blockchain platform, according to altcoinbeacon.com.
Launched in 2020, the UAE KYC Blockchain Platform allows licencing agencies and banking institutions to share and exchange verifiable KYC (know your customer) data. The platform was initiated by Dubai Economy, in collaboration with founding member banks and Norbloc, a global pioneer in enterprise blockchain solutions.
With this move, investors will now have an option of opening a bank account with the international bank digitally. The UAE KYC Blockchain Platform improved the investor bank account journey by reducing the time it takes to establish a relationship with banks. In the UAE, the platform will significantly improve customer data quality, which will support network expansion and use as a full customer data ecosystem. HSBC can now use the KYC data for customer onboarding and receiving updated information of existing customers.
The move will make it easier to serve customers quickly and concentrate more on their core banking needs with access to up-to-date KYC data from Dubai Economy.
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