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HSBC Goes Live on UAE's 'KYC' Blockchain Platform
Data shared over the platform's blockchain enables institutions to see shared data about new customers.
Updated May 9, 2023, 3:21 a.m. Published Jun 30, 2021, 9:43 a.m.
HSBC has gone live on the United Arab Emirates' know-your-customer (KYC) blockchain platform, becoming the fourth founding member and first overseas institution to do so.
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- The platform exchanges data between financial institutions for KYC purposes, an announcement on Sunday said.
- Data is shared over the platform's blockchain, enabling potential customers to be swiftly approved by member institutions using the credentials provided to others.
- Institutions save time and money because they can use shared data about new customers rather than having to obtain it themselves.
- The platform is powered by Swedish firm norbloc's Fides blockchain.
- Members of the consortium – launched in February 2020 by Dubai's Department of Economic Development, which is known as "Dubai Economy" – include Emirates Islamic, Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, Rakbank and Mashreq Bank.
Read more: In-Person ID Checks May Be on the Way for Thai Crypto Exchange Users: Report
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