UAE Banks Benefit From Dubai’s KYC Blockchain Platform?

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • The new decision to make Dubai’s own know your customer (KYC) blockchain will be able to support the bank’s asset quality and improve profitability.
  • This move is going to be credit positive for all the lenders of the United Arab Emirates as said by Moody’s investor’s service.
  • The blockchain platform will help in improving the regulatory framework of all the lenders as non-compliance with know your customer blockchain and compliance.
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The new decision to make Dubai’s own know your customer (KYC) blockchain will be able to support the bank’s asset quality and improve profitability.

To verify and share the verified data about all their customers using the blockchain technology, a total of six banks and other licensing authorities had formed up in the United Arab Emirates. This move is going to be credit positive for all the lenders of the United Arab Emirates as said by Moody’s investor’s service.

The Moody’s investors service said in a statement, 

Annotation 2020-02-27 173321

The six banks that have joined the formation to make this project of creating a know your customer blockchain include the Emirate Islamic (The subsidiary of the Emirates NBD that is compliant with Sharia), Emirates BND, HSBC bank middle east, Abu Dhabi commercial bank, Commercial bank of Dubai and the National bank of Ras Al Khaimah.

All of these banks together hold almost 44 percent of the total banking assets in the United Arab Emirates, as said by Moody’s investor’s service in June of the year 2019. The blockchain platform will help in improving the regulatory framework of all the lenders as non-compliance with know your customer blockchain and compliance.

This blockchain will also help in the cases of money laundering and terrorist financing activities. This can have huge material legal implications and could also end up in huge penalties for banks, Moody’s said.

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