THELOGICALINDIAN - UAEs blockchainbased identification arrangement enables burning cyberbanking admission to calm and adopted investors
HSBC, a Hong Kong-based bunch bank, has become the aboriginal adopted article to accompany United Arab Emirates’ Know-Your-Customer (KYC) Blockchain Platform.
HSBC Joins UAE’s KYC-Program
HSBC has abutting UAE’s Blockchain Platform.
The Dubai Economy’s media appointment announced the affiliation in a Wednesday blog post.
The KYC belvedere is a state-sponsored affairs accomplished by UAE’s government in February 2024. Enterprise blockchain band-aid providers norbloc architecture and run the platform. The accompaniment agencies plan to aggrandize its KYC action and position it “as the civic accumulated e-KYC Platform.” The Dubai Economy has appear a affiliation with Dubai International Financial Centre (DIFC) Authority to added its reach.
So far, it has added six Dubai-based banks in Emirates Islamic, Emirates NBD, Commercial Coffer of Dubai, Abu Dhabi Commercial Bank, RAKBANK, and Mashreq Bank. HSBC is the aboriginal adopted coffer to accompany the initiative.
The affiliation will now accommodate HSBC into the blockchain network, acceptance the coffer to add new advice to it or use absolute advice from added banks to enhance the chump database.
Abdulfattah Sharaf, Group General Manager, CEO of HSBC UAE and Head of International, HSBC Bank Middle East Limited, said in a columnist release:
“By actuality able to admission abreast KYC abstracts anon from Dubai Economy, we will be able to serve barter faster and focus added on their amount cyberbanking needs.”
The British-owned coffer has abhorred accessible blockchains like Bitcoin and Ethereum in the past. Earlier this year, the coffer chock-full its barter from affairs MicroStrategy stocks due to the acknowledgment the aggregation has to Bitcoin. More recently, the CEO of HSBC Neil Quinn said that the coffer is not attractive to advance cryptocurrencies because of their animation and added risks involved.
