A 10th bank in UAE joins Blockchain KYC platform under Dubai’s Department of economy and tourism

 

Al Masraf bank has become the 10^th bank to join the Norbloc KYC Blockchain platform developed under the initiative with Department of Economy and Tourism (DET).

Al Masraf has announced the launch of a project that will see it connecting to the norbloc Fides platform, a blockchain-based solution that allows for the secure sharing of eKYC data. The network, which has been live since 2020, connects licensing authorities, free zones and financial institutions across the emirates in an ecosystem, where a single version of each customer KYC file is maintained and shared, ensuring that financial institutions always have access to the latest and most up-to-date KYC data.

Graham FitzGerald, CEO Al Masraf stated, “Becoming part of the Fides ecosystem allows us to obtain all of these objectives, as well as join other leading financial institutions in making use of this innovative technology. It is an important step with in line with a broader effort to digitize and streamline our customer journeys.”

Astyanax Kanakakis, CEO and Co-Founder of nobrloc  added, “Al Masraf is an important addition to the Fides platform which greatly benefits from the networking effects of having more institutions connect to it. There are currently 15 entities participating in the ecosystem, making it one of the most advanced eKYC utilities globally. Al Masraf is also the first institution to make use of our recently announced SaaS connectivity option, meaning that they will be able to start consuming KYC data in a matter of weeks.”

Al Masraf becomes the 10th bank to join the network which also includes Mashreq Bank, ENBD, HSBC, ADCB. Licensing authorities and free zones such as DIFC and Ras Al Khaimah Economic Zone participate acting as data providers on the network.

In April 2023, the first Islamic Bank joined The KYC platform as well. 

The project was launched in February 2020. In 2021, the Blockchain KYC Fides Platform built by Norbloc for both Dubai Economy and DIFC became one platform for the entire UAE. Dubai Economy and Dubai International Financial Centre (DIFC) Authority agreed to consolidate efforts and expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC Platform, making it the first such platform in the region.