Blockchain In UAE Banking System?

Dawid Paluch
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The Advisory Council of the United Arab Emirates Banks Federation (UBF) talked applying the blockchain technology over in its member banks.

The United Arab Emirates becomes more interested in the blockchain technology. A few weeks ago, ADAB Solutions, a startup based in the United Arab Emirates, has revealed its plan to launch the First Islamic Crypto Exchange (FICE).

Blockchain for banks

According to the Dubai-based newspaper Gulf News, the CEOs Advisory Council of the UAE Banks Federation (UBF) discussed on Monday the adoption of blockchain to enhance know-your-customer (KYC) processes at banks.

The Advisory Council is a non-profit organization gathering 50 member banks in the Middle East’s country. Abdul Aziz Al Ghurair, the UAE Bank Federation’s chairman, said:

“As part of our efforts aimed at creating and sustaining a thriving banking ecosystem, we have undertaken a number of initiatives and new endeavours such as the adoption of blockchain into KYC process.”

Study shows potential

The meeting was very productive. Aref Al Ramli, chairman of UBF’s Digital Banking Committee, Senior VP, Head of Digital Banking and Innovation at Mashreq Bank, submitted a study about Blockchain to the Digital Banking Committee. The research explores the opportunities for “creating an industry standard to digitize various processes within member banks”. The study also tries to determine potential uses of this new technology in client onboarding, cross-border transfers, payments, and compliance reporting, among several others.

Al Ghurair said that the advancement in technologies causes the need to adopt new solutions int the banking system. “The emerging technologies also present new opportunities for banks to create new revenue streams, which will in turn drive sustained business growth,” he said.

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