Dubai International Financial Center (DIFC) is associating with Mashreq Bank to roll out the first blockchain-based data-sharing platform in the nation. The blockchain-based project will be identified as Know Your Customer (KYC).

The concept of the platform is to assist corporations and businesses in opening digital bank accounts immediately and more efficiently.

Mashreq and DIFC want to focus on a particular use case, which has been praised as a strategic decision that will bring out the best use of the platform. The strategy will improve the integrity and quality of corporate Know Your customer information.

It will also enhance the consumers’ experience when they are creating bank accounts with the bank. According to both partners, it will lead to more significant efficiency and simplicity in doing business.

Arif Amiri, CEO of DIFC, stated that the organization is allying with a leading financial institution in the region because it will enhance efficiency and foster integrity in doing business. 

According to him, “We place high importance on strategic collaboration with industry-leading financial institutions as part of our commitment to Emirates Blockchain Strategy 2021.”

He further pointed out that the partnership with the top financial institution and licensing authorities in the emirate will develop operational efficiencies for professionals and government entities.

Scalability of the system

The KYC solution is very scalable, as it includes the collection of information about consumers, which will assist organizations to serve them well. According to DIFC and Mashreq Bank, the solution does not survive alone. 

It implements support for connections with other related initiatives when they follow the footprints of Mashreq and DIFC into production.

With this new development, the associates assume enhanced customer service delivery and better efficiency on the part of corporate entities and organizations.

How the platform operates

The former strategy applied for KYC has grown over the years. This time, so many companies and entities consider blockchain technology will be one of the most powerful tools for any KYC program.

It has opened doors to licensing financial institutions and authorities in the Emirates to join the platform launched by Mashreq Bank and DIFC. The life-changing blockchain experience will encourage a comprehensive adoption under a unified country-wide umbrella.

DIFC will be preparing the KYC record as the application for corporate license goes on. Nonetheless, before sharing the record on the blockchain portal to facilitate the process of forming a new bank account, they would guard customers’ consent.