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UBF recommends Blockchain for bank KYC

|By Arabian Post Staff|

The CEOs Advisory Council of the UAE Banks Federation (UBF) reviewed the adoption of Blockchain to enhance know your customer (KYC) processes at banks. Other key topics on the agenda included Emiratization, and digital transformation.

AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “As part of our efforts aimed at creating and sustaining a thriving banking ecosystem, we have undertaken a number of initiatives and new endeavors, such as the adoption of Blockchain into KYC process, which are in the pipeline as well. With advancements in technologies continuing to shape customer needs and expectations, it has become all-important for the banking industry to be at the forefront of innovation. The emerging technologies also present new opportunities for banks to create new revenue streams, which will in turn drive sustained business growth.”

During the meeting, Aref Al Ramli, Chairperson of UBF’s Digital Banking Committee, Senior VP, Head of Digital Banking and Innovation at Mashreq Bank,presented the Digital Banking Committee study about Blockchain which explores opportunities for creating an industry standard to digitize various processes within member banks, and the potential functions that can be leveraged by the technology, including client onboarding, cross-border transfers, payments, and compliance reporting, among several others. The study will help address challenges faced by banks when it comes to KYC processes and explore its prospects in driving revenue growth and enhancing customer experience.

Another presentation delivered by both Husam Al Sayed, Chairperson of UBF Human Resource Committee, General Manager Group Human Resources at Emirates NBD, and Ahmed Al Zaabi, Head of Emiratization at First Abu Dhabi Bank, highlighted plans and initiatives banks will adopt to enhance Emiratization in critical and leadership roles at UAE Banks.

The council addressed the progress on SMEs Finance and reviewed developments on UBF key projects and initiatives such as Emirates Digital Wallet and TASHARUK platform, and discussed new ways to accelerate the digital transformation of the banks in the UAE in the face of increased disruption from emerging technologies.


Also published on Medium.