17 July 2018
Visit www.avoka.com

UAE banks and regulators to explore blockchain-based KYC utility

07 February 2018  |  7572 views  |  0 Middle East Ancient Arch

Regulatory authorities in Abu Dhabi are kicking off a programme with a consortium of the region's banks to develop a shared KYC utility, possibly underpinned by distributed ledger technology.

An industry coalition, comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Ansari Exchange, Al Fardan Exchange, First Abu Dhabi Bank, UAE Exchange and ADGM, has formed to develop a proof-of-concept to decide the governance framework and the functional requirements of the e-KYC utility.

Richard Teng, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM says distributed ledger technologies are being considered to underpin core functionality within the platform.

"Banks and financial institutions are seeking more ways to meet KYC and AML requirements and standards," he says. "With increased deployment of technology, such as blockchain for KYC and the efficient management of digital identities, greater efficiency and cost-effectiveness can be achieved."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ADGM and YES Bank sign fintech co-operation pact; B-Hive opens in NY

ADGM and YES Bank sign fintech co-operation pact; B-Hive opens in NY

13 October 2017  |  5001 views  |  0 comments | 3 tweets | 5 linkedin
ADGM and UAE Exchange bid to expand fintech ecosystem

ADGM and UAE Exchange bid to expand fintech ecosystem

14 August 2017  |  11733 views  |  0 comments | 4 tweets | 2 linkedin
Abu Dhabi steps up fintech activity

Abu Dhabi steps up fintech activity

08 August 2017  |  15807 views  |  0 comments | 18 tweets | 11 linkedin
Singapore and Abu Dhabi sign fintech co-operation agreement

Singapore and Abu Dhabi sign fintech co-operation agreement

08 March 2017  |  12502 views  |  0 comments | 10 tweets | 10 linkedin
Abu Dhabi opens fintech RegLab

Abu Dhabi opens fintech RegLab

02 November 2016  |  6963 views  |  0 comments | 3 tweets | 14 linkedin
Abu Dhabi Securities Exchange uses blockchain tech for e-voting service

Abu Dhabi Securities Exchange uses blockchain tech for e-voting service

17 October 2016  |  6513 views  |  0 comments | 8 tweets | 11 linkedin
Abu Dhabi makes fintech play

Abu Dhabi makes fintech play

30 May 2016  |  11439 views  |  0 comments | 24 tweets | 13 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit info.nice.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
10247 views comments | 19 tweets | 30 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
9159 views comments | 5 tweets | 14 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8624 views comments | 3 tweets | 1 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8534 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7623 views comments | 1 tweets | 5 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY - USA

Find your next job