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HSBC joins Dubai KYC blockchain platform

The addition of HSBC will improve transaction speed and facilitate identity verification

HSBC has official joined the UAE KYC Blockchain Platform as its first member to be located overseas. The project is backed by the regional government of Dubai and was developed by the Department of Economic Development, aka “Dubai Economy”.

It created a national ecosystem for the exchange of verified know-your-customer data between licensing authorities and financial institutions in the UAE. HSBC joining the project will provide investors with the option to digitally open an account with the international bank using data that is already verified by another bank, increasing the speed and decreasing the costs of financial transactions.

The project already encompasses major banks of the region, including Emirates Islamic, Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank.

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