UAE Blockchain KYC Platform

FROM BLOCKCHAIN KYC PLATFORM TO THE FIRST ECOSYSTEM THE FUTURE IS NOW Find out more
This paves the way for a #UAE federal business registry, & for other Economic Departments, Free Zones, & Banks to join the network to make life much easier for SMEs to register businesses & open #bankaccounts.
# Evans Munyuki Chief Digital Officer (CDO) at Emirates NBD
A larger collaborative ecosystem around the DED and the Free Zones will revolutionize the ease of doing business and compliance on a mass scale in the UAE.
norbloc Astyanax Kanakakis Co-Founder and CEO, norbloc

The expanded DED ecosystem

Growing the KYC Platform into a KYC ecosystem The extended UAE Blockchain KYC Platform will allow Seamless registration and onboarding as well as better compliance, enforcing a Single Version of Truth across the ecosystem.

CBUAE and Smart Dubai will oversee network formation and architecture as well as ecosystem governance and compliance standards

UAE Blockchain KYC Ecosystem 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 Participating Members
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High Availability

Adds the merits of a centralized system to the advantages of a decentralized blockchain-based architecture by distributing data pieces of digital KYC files across member Organizations, to achieve efficient data storage and high availability at all times

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Security

Safeguarded by a state-of-the-art P2P distributed platform, where all customer KYC data and metadata are shared and stored in the upmost secure encrypted manner

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Compliance

The platform has been legally assessed to comply under GDPR as well as the 4th AML Directive, which is key for Organizations in a heavily regulated environment

Advantages for Customers
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Ownership

Customer owns and feels in full control of data; Customers can use the platform at will, to update, share or revoke access to their digital KYC file

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Efficiency

By replacing data silos, customers can in-promptu manage their KYC data to foster a Single Version of Truth across all member Institutions in the ecosystem

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Ease of business

Customers can provide and share data in a permissioned manner using the platform, replacing the legacy paper based processesto speed up onboarding and new account setting

Timeline

2020
Q1

Established

The UAE Blockchain KYC Platform powered by norbloc is established

Q2

Live operation

Seamless access to the KYC data for 200,000 customers directly from the registration authorities is enabled for the UAE Blockchain KYC Platform participants

Q3

Instant Bank Account Opening

Customers can opt for an instant bank account opening with any of the participating banks

Q4

Expansion

Expansion of the UAE Blockchain KYC Platform, additional functionality available to participating entities and more banks and registration authorities join the ecosystem

2021
Gitex
the

UAE

BLOCKCHAIN KYC
ECOSYSTEM

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