First announced in 2019 and live since February 2020, the UAE’s know-your-customer (KYC) blockchain-based platform streamlines the bank onboarding process for companies in the country. Initially a collaboration between Dubai International Financial Centre (DIFC) free zone, KYC solutions provider norbloc and Dubai-based lender Mashreqbank, the consortium has grown to more than 11 members in the UAE.
Astyanax Kanakakis, chief executive and co-founder of norbloc, spoke to John Everington about how the system has simplified the account-opening process for banks and customers, and the company’s plans to expand, both into other emirates and internationally.
