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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

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