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Dubai Debuts Nationwide Data Platform Powered by Blockchain

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  • Dubai Debuts Nationwide Data Platform Powered by Blockchain

    The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform.

    This platform is set to become a nationwide system for exchanging verified customer data.

    Dubai’s Department of Economic Development, or DED, and state-run bank Emirates NBD are rolling out their so-called UAE KYC Blockchain Platform.

    120 local firms already signed up for the platform with Emirates NBD
    First revealed in February 2020, the new blockchain platform is designed to unlock digital customer onboarding, instant bank account functions, and verified KYC data sharing between licensing authorities and financial institutions. Announcing the news on July 28, the DED and Emirates NBD said that the platform has over 120 companies already on-boarded by the bank with active bank accounts.

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    The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform
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