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Reported that UAE Financial Center succeeded in demonstrating the concept of KYC using block chains

ADGM (Abu Dhabi Global Market) of the United Arab Emirates (UAE) announced the successful completion of the proof-of-concept of KYC (customer confirmation) using block chains.

This project began in March this year, UAE major financial institutions including Abu Dhabi Commercial Bank and ADGM’s Financial Services Regulatory Agency (FSRA) are cooperating.

The KYC application utilizing the block chain confirms the identity of the customer and examines it, and that information is provided to each financial institution. This eliminates the need for customers to do KYC for each financial institution.

Regarding the outcome of the proof of concept, ADGM says, “Although the current KYC process is cumbersome and costly, it has been fundamentally simplified by making use of the block chain.With the prototype, updating documents and data on KYC successfully We were able to share and verify.

Also, Richard Teng of FSRA answers as follows.

The concrete merit of KYC using block chains for UAE financial institutions has been demonstrated. This will not only strengthen the KYC check of the industry as a whole but also achieve cost efficiency and financial subsidization.

At the end of the proof of concept, it is now the first stage of the project, and in the second stage we will promote access to SMEs’ banking services.


Author: NT 【Coin Desk News】 – Source Post: https://crypto-times.jp/ uae-kyc/

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