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.
- The multinational bank has gone live on the platform, which exchanges data between financial institutions for KYC purposes, an announcement June 27 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.
- For institutions, there are time and cost savings from using shared data to onboard customers rather than having to obtain it themselves.
- The platform is powered by Swedish firm norbloc’s Fides blockchain.
- Existing members of the consortium, launched in February 2020 by Dubai Economy, include Emirates Islamic, Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank.
Source: Coindesk
