Banking giant HSBC recently announced it had successfully onboarded the United Arab Emirates (UAE) Know Your Customer (KYC) Blockchain Platform.
HSBC Joins the UAE KYC Blockchain
According to a report by Ledger Insights published on June 29, multinational bank HSBC has successfully joined the UAE KYC Blockchain Platform founded by Dubai Economy. This makes HSBC the first overseas bank and the 4th founding member of the platform to go live.
HSBC’s addition to the platform means investors will now have the option to digitally open an account with the bank via data that has already been verified by another bank. Notably, data sharing will be enabled between the two banks on a P2P basis via a blockchain solution.
Essentially, the blockchain platform enables banks to conduct the otherwise costly and lengthy process of identity verification in a cost and time-efficient manner. This allows banks to no longer outsource client data verification to big accounting consultancies.
Notably, the platform is powered by norbloc’s Fides blockchain. Founded in February last year, the consortium facilitates the secure exchange of verified KYC data between banks and licensing authorities in…