Dubai Economy signs deal with UAE licensing authorities to participate in KYC Blockchain Platform

Dubai Economy has signed an agreement with leading licensing authorities, such as Dubai Silicon Oasis Authority, Dubai Multi-Commodities Center, and Dubai Airport Free Zone Authority, to participate in the Know Your Customer Blockchain Platform through the Unified Business Registry Platform. It will facilitate faster and more secure customer onboarding and allow sharing of verified e-KYC data between authorities and financial institutions.

According to a press release published Wednesday, Dubai Economy, Dubai Silicon Oasis Authority (DSOA), Dubai Multi-Commodities Center (DMCC), and Dubai Airport Free Zone Authority (DAFZA) have agreed to take part in the Know Your Customer (KYC) Blockchain Platform through the Unified Business Registry (UBR) Platform.

Work to complete the connectivity between the UBR Blockchain Platform and the KYC Blockchain Platform is underway by Q4 2021. After this, members of the UBR Blockchain Platform can extend all use cases implemented in the KYC Blockchain Platform to their customers.

As a result, it will facilitate faster, more secure, and streamlined customer onboarding and allow sharing of verified e-KYC data between licensing authorities and financial institutions by leveraging advanced distributed technologies.

To KYC Blockchain Platform are already connected Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, and Abu Dhabi Commercial Bank. Additional licensing entities and financial institutions are in the process of joining the platforms along with DSOA, DMCC, and DAFZA.

As said Mohammed Hassan Al Shehhi, Acting CEO of Business Registration and Licensing sector of Dubai Economy:

“Dubai Economy is focused on strengthening Dubai’s digital economy. The launch of the Unified Business Registry and the Know Your Customer Blockchain Platforms in partnership with our key licensing and banking partners is a testament to our ambitions to transform Dubai into a global tech-driven investment destination.”

“Following the launch of these platforms in 2017 and 2020 respectively, they have become increasingly crucial not only in streamlining and governing business setup in Dubai but also in simplifying the opening of bank accounts for investors and sharing verified KYC data with financial institutions. These initiatives have a positive impact in attracting business and on the ease of doing business ranking of Dubai and the UAE,” he added.

In addition, Dr. Juma Al Matrooshi, Deputy CEO of DSOA said in a statement:

“As an integrated technology park, Dubai Silicon Oasis provides a conducive environment for developing and testing innovative and advanced technologies in different fields such as blockchain, artificial intelligence, and smart city solutions,” he stated. “DSOA is committed to employing these technologies to boost efficiencies, support business partners’ growth, and enhance collaborations with stakeholders in the drive for excellence. Joining the Know Your Customer (KYC) Blockchain Platform through the Unified Business Registry (UBR) Platform is an evidence of our commitment to building synergies that leverage the strengths of diverse public and private sector partners to fast-track Dubai’s drive to be the smartest city in the world.”

Further in a press release, Ahmad Hamza, an Executive Director – Free Zone (DMCC), claimed: “At every turn, DMCC looks to further increase the ease of doing business in Dubai to attract businesses and trade to the emirate. This core philosophy is why we are home to over 19,000 member companies, with 204 new businesses joining us in August alone. Through this agreement with Dubai Economy, we will be augmenting our fully digital onboarding process to make it easier and quicker for them to set up at DMCC. Following the DMCC Crypto Centre launch, the agreement also falls in line with DMCC’s drive to harness distributed ledger technologies such as blockchain to streamline business and provide world-leading services to our members. We look forward to working with Dubai Economy on this important initiative.”

Also, the Assistant Director General of the DAFZA, Amna Lootah, said: “DAFZA is committed to being a major contributor to various government efforts aimed at advancing the future of Dubai’s digital economy and strengthening investments in the digital sector. The integrated platform consolidates the reputation of the emirate globally, as a forerunner in adopting the latest digital platforms that support businesses within the global investment community and helps advance economic systems and processes.”

“DAFZA is at the forefront of adapting to the latest technologies in delivering exceptional customer experience. We are proud to be supporting the UAE’s KYC Blockchain Platform as it will be a key enabler to digitalize, boost efficiency and flexibility. The platform is the first-of-its-kind in the region and will enhance Dubai’s position as an attractive destination for foreign investments, as well as increase the confidence of the business community across the emirate,” he added.

As reported before, the UAE’s National Committee for Combatting Money-Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) has adopted a regulatory framework for virtual assets at the 8th meeting of NAMLCFTC. The Committee has ordered the UAE Central Bank and the Securities and Commodities Authority to supervise its implementation. Regulators seek coordination among public and private sectors to combat money laundering and terror financing.