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02 March 2020
INVESTMENT

DIFC, Mashreq Bank partner to offer instant bank account opening

Dubai International Financial Centre and Mashreq have also conceptualised a consortium framework covering key tenets required for large-scale adoption by other participants joining the ecosystem

The platform will make it easier and faster for new companies to do business in the UAE.

by Kudakwashe Muzoriwa

UAE’s Mashreq Bank has partnered with Dubai International Financial Centre (DIFC) to launch the region’s first know-your-customer (KYC) blockchain data-sharing platform that will enable licenced businesses and corporates in Dubai to open digital banks accounts instantly.

The blockchain platform is available to all UAE-based banks and corporates and is a continuation to a consortium formed between Mashreq Bank, the DIFC and norbloc, a DIFC incubated firm in July 2019.

Arif Amiri, the Chief Executive Officer of DIFC Authority, said, “This initiative provides financial institutions and businesses a platform in order to seamlessly undertake operations.”

The platform will make it easier and faster for new companies to do business in the UAE, removing existing paper-based KYC processes.

The programme aligns with the UAE Blockchain Strategy 2021 and marks the beginning of a journey towards a broader vision of forming a consortium of banks, government bodies as well as other licencing authorities for seamless sharing of customer KYC data, said Ahmed Abdelaal, the CEO of Mashreq.

As part of the partnership, the DIFC and Mashreq transformed their business operations and IT platforms to ensure seamless connectivity between the two organisations.

Additionally, Norbloc provided the Blockchain platform (Fides), Gowling WLG assisted in drafting the legal agreements, while Deloitte supported Mashreq with the overall governance and programme management.


RELATED STORIES: DIFC Mashreq Bank Norbloc

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