HSBC improves the KYC process by introducing the Dubai KYC blockchain

HSBC improved its KYC process by adopting the Dubai KYC blockchain and was the first foreign legal entity to do so. We can see more in today’s latest crypto news.

HSBC continues to improve local investors and corporate customers by using blockchain technology. The global banking giant announced that it has successfully rolled out into a regional KYC-focused private blockchain backed by the Dubai government. HSBC is the first founding member to work on the UAE Blockchain KYC Platform, which was developed by the Dubai-based Economic Development Department or Ocean Economy.

The UAE Blockchain KYC Platform is a national ecosystem for the exchange of your verified customer data between licensing authorities and financial institutions in the UAE. According to Gulf News, the expansion of the HSBC platform will allow investors to open a digital account with an international bank, using data that has been verified by another bank through blockchain. Omar Al Mehairi, Dubai Economic Development Manager, praised the platform for saving money and improving the general business environment in the United Arab Emirates, saying:

“The UAE’s blockchain KYC platform has transformed an investor’s journey to bank accounts by dramatically reducing the time it takes to build relationships with banks. This will positively improve the UAE’s ranking in the Global Ease of Doing Business Index. “

The platform was launched in February 2020 and allows banks to redirect the entire ID verification process, which can be quite lengthy and expensive using traditional methods. KYC blockchain membership includes major local banks and financial institutions including Emirates Muslim, Dubai Commercial Bank, and Emirates NBD, as well as Mashreq Bank. With Dubai as its hub, the Middle East hopes to become the most important digital financial center. According to reports, the Dubai Financial Services Authority is continuing its efforts to create a standardized framework for cryptocurrency regulations in the city, but the authorities have even warned about the Dubai coin. , a cryptocurrency that calls itself the official digital currency of Dubai. approved.

Previous reports suggest that HSBC is not interested in Bitcoin due to its volatility as the banking giant has not declared an interest in the asset.

.