The Department of Economic Development (DED) of Dubai – together with the assistance of 6 big names in the banking sector – has reportedly launched a Know Your Customer (KYC) blockchain consortium. 

Specifically, the new association – goes by the title “KYC Blockchain Consortium” – is a part of the initiatives to further the blockchain growth in UAE, via speeding up digital customer data and documents exchange procedures, while still maintaining and improving security level. 

The blockchain-based regulatory platform also has a goal of bringing all qualified participants of the ecosystem, nominally financial entities and licensing departments, onboard a platform of KYC attempts with unity. 

The 6 major banking institutions that will be a part of the projects are Emirates NBD, HSBC, Emirates Islamic, RAKBank, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.

Set to be officially up and running the 1st quarter of 2020, the KYC Blockchain Consortium will be the pioneering project of this field across the area. 

“Our strategic alliance with banks to launch the first KYC blockchain platform in the UAE is an important step towards continuing to attract investors to this market.” Ali Ibrahim, Deputy Director General of the DED, emphasized that the initiative was carried out with a goal to attract more investment to the region. 

Furthermore, the ecosystem looks to be a solution for helping business the region boom, as well as amp up UAE-based regulatory compliance.