UAE Blockchain KYC Platform

The FIRST PRODUCTION BLOCKCHAIN KYC PLATFORM Find out more
norbloc
norbloc
Aligning with the UAE’s Innovation Agenda and as the region’s most advanced financial centre, the DIFC is proud to be a part of this initiative and offer a seamless experience to our community of more than 2,100 companies
# Arif Amiri CEO of DIFC Authority
This revolutionary effort will cultivate an ecosystem in the UAE that will set the global standard for how KYC data should be shared
norbloc Astyanax Kanakakis Co-Founder and CEO, norbloc
Mashreq Bank has been at the forefront of innovation for over 50 years and we are excited to initiate this blockchain KYC consortium as confirmation of our position as the most progressive bank in the region
norbloc H.E. Abdul Aziz Abdulla Al Ghurair CEO, Mashreq Bank

The Platform

Introducing the UAE Blockchain KYC Platform This first-to-market initiative will facilitate faster, more secure onboarding and exchange of supporting KYC documentation via advanced distributed technologies, including blockchain.

As a result, Customers, Organizations and Regulators will be empowered to securely share verified KYC data and collaborate on a comprehensive and compliant Single Version of Truth.

Inaugural UAE Blockchain KYC Platform Members

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How Does It Work?

# 1

Customer creates digital KYC file

The Customer creates their digital KYC file through an online portal and shares it with any approved Organization

# 2

Organization reviews digital KYC file

Compliance officers at the reviewing Organization verify the digital KYC file using automated public data checks; once validated, the digital KYC file is placed on a shared blockchain-based platform

# 3

Verified digital KYC file becomes Single Version of Truth on Blockchain

The digital KYC file is available for sharing and the Customer consents to propagate any validated updates to all accredited ecosystem Organizations

# 4

Ongoing compliance is seamless

Organizations accessing an existing digital KYC file can track who validated the data and when it's due for renewal; compliance teams manage renewals through a comprehensive dashboard with full audit log

UAE Blockchain KYC Platform

Advantages for Organizations
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Redundancy

Offers the benefits of a centralized system on a decentralized blockchain-based architecture by storing individually unreadable but collectively complete pieces of digital KYC files across registered Organizations, achieving advanced levels of data resilience

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Security

Avails a proprietary distributed system for encrypting and storing Customer data secured by proven cryptographic protocols adhering to the highest security standards

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Compliance

The proprietary back-end design has been legally assessed to be compliant with GDPR as well as the 4th AML Directive, providing the requisite assurance to Organizations

Advantages for Customers
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Control

Data is under Customer control at all times; Customers have the discretion to update, share or remove access to their digital KYC file with a single action

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Efficiency

By removing the information silos, Customers can administer a Single Version of Truth of their digital KYC data in real-time across all participating Organizations

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Experience

Customers can upload and securely share verified data seamlessly through the platform, eliminating email back-and-forth and accelerating time to approval

Timeline

2019
JULY

Established

UAE Blockchain KYC Platform (powered by norbloc) is established with Mashreq Bank and DIFC as inaugural members

Q4

Consortium Prospectus

Consortium prospectus available for interested future members

Q4

Rolling admission

Rolling admission of additional members

Q1-onwards

Live Customers

UAE Blockchain KYC Platform operational and accepting live customers

2020
Gitex
the

UAE

BLOCKCHAIN KYC
PLATFORM

LEARN MORE

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