Express

Dubai Launches Blockchain-Based System For Exchanging Know Your Customer Data

Emily Mason

Summary: Dubai's Department of Economic Development is launching a statewide blockchain-based system to exchange verified customer data, according to a recent announcement. The system will aid digital customer onboarding, instant bank account functioning, and verified know-your-customer data sharing between licensing authorities and financial institutions. State-run bank Emirates will be the first bank to operate on the ...

Dubai's Department of Economic Development is launching a statewide blockchain-based system to exchange verified customer data, according to a recent announcement.

The system will aid digital customer onboarding, instant bank account functioning, and verified know-your-customer data sharing between licensing authorities and financial institutions. State-run bank Emirates will be the first bank to operate on the platform.

The Dubai economy has already moved all active trade licenses to the blockchain and leaders plan for the sytem to become a nationwide ecosystem for exchanging KYC data.

By Emily Mason

Last Update:

Tags: ,,
Link: Dubai Launches Blockchain-Based System For Exchanging Know Your Customer Data   [Copy]
  • BTC Weekly Watch: Is the Rebound "Feast" Nearing Its End? 8 days ago
  • ​The Crypto Treasury Boom Meets Regulatory Chill: Is the DAT Frenzy Fading? 15 days ago
  • Nasdaq Takes Aim at 'Crypto-Flipping' Companies with Stricter Rules 19 days ago
  • BTC Weekly Outlook: The Oversold Bounce—A Bottom or a Shorting Opportunity? 22 days ago
  • The Making of a Political Darling: Is Chainlink’s Government Deal a Victory for Tech or... 26 days ago
  • You need to login to comment.