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27 February, 2020

Instant Bank Account for Entrepreneurs

Entrepreneurs, startups and freelancers would soon be able to open a bank account instantly, according to a recent initiative by Dubai Economy.

The Dubai Economy, through a blockchain consortium, has partnered with six UAE banks to launch a “KYC Blockchain Consortium”. The banks are Emirates Islamic Bank, HSBC, RAK Bank, Abu Dhabi Commercial Bank, Commercial Bank of Dubai and Emirates NBD.

The platform would help validate and authenticate the KYC details of businesses and get instantly shared with financial institutions that the business chooses to bank with. The process would not only reduce the turn-around-time drastically but also help significantly reduce the banking costs involved in maintaining KYC documents and details.

Customer satisfaction is expected to increase due to this process, and enhance the reputation of UAE as a preferred destination for businesses due to the ease of doing business.

Smart Dubai and UAE Central Bank would oversee and regulate the consortium on the operational aspects. The platform is set to be launched in Q1 2020.

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