HSBC Goes Live on UAE’s KYC Blockchain Consortium
30 Jun, 2021•1 min read•Blockchain
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.