Dubai’s Department of Economic Development and Emirates NBD Bank Launch Blockchain-Based Customer Data Platform

July 31, 2020 | Updated at July 31, 2020

Dubai’s Department of Economic Development (DED) in the United Arab Emirates (UAE) and Emirates NBD Bank (ENBD) have announced the launch of the UAE KYC (Know Your Customer) Blockchain platform, a program that enables secure digital customer on-boarding, instant bank account functionality and the exchange of validated KYC data between licensing authorities and financial institutions through advanced blockchain technology.

According to the announcement, Emirates NBD will be the first bank to go live on the platform with Commercial Bank of Dubai, Abu Dhabi Commercial Bank, HSBC, and RakBank set to go live soon.

The announcement also noted that ENBD has already on-boarded over 12...