HSBC Goes Live on UAE’s KYC Blockchain Consortium

HSBC Goes Live on UAE’s KYC Blockchain Consortium

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