There is new info about Blockchain. Yesterday, The Dubai International Financial Center, jointly with Mashreq Bank, introduced in the region a blockchain data sharing platform. The aim is to support licensed companies and to open digital bank accounts immediately.
Banking sector on the blockchain platform
To clarify, The United Arab Emirates decided to use blockchain technology to support business in the country. The platform is designed to increase the integrity and security of business information (KYC), and streamline bank account openings for more accessible business.
Mashreq is giving us new info about Blockchain. Mashreq will use a platform that removes existing customer verification procedures in paper and replaces them with a digital blockchain-based platform. Creating a bank account for individuals or companies will be much easier. In addition, the platform is now active and available to all businesses and banks in the United Arab Emirates. Moreover, Mashreq Bank CEO, Ahmed Abdelaal, commented about blockchain technology and the new platform:
“THIS IS IMPORTANT FOR THE BANKING SECTOR. IN UNITED ARAB EMIRATES, BANK MASHREQ CONTINUES TO FOLLOW THE PATH TO IMPLEMENTING EMERGING TECHNOLOGIES INTO PRACTICE FOR OUR CUSTOMERS.”
The United Arab Emirates on blockchain
In recent years, the UAE has taken a very positive stance on cryptocurrencies and blockchain technology in general. Subsequently, with an addition to the platform for the banking sector, the country seeks to support many other blockchain-based projects.
During April 2018, the Emirate government launched a strategy called the Emirates Blockchain Strategy 2021, which aims to improve business by 2021 and redo 50% of government transactions on the blockchain platform. Consequently, Arif Amiri, CEO of Dubai International Financial Center, said on growing cryptocurrency projects:
“WE PLACE GREAT EMPHASIS ON STRATEGIC COOPERATION WITH LEADING FINANCIAL INSTITUTIONS WITHIN OUR COMMITMENT TO EMIRATES BLOCKCHAIN STRATEGY 2021 TO SPEED TRANSACTIONS AND IMPROVE THE EFFICIENCY OF LABOR’S PROCESSES”.
Conclusion on Blockchain info
The United Arab State is becoming a country where rules are set for adopting cryptocurrencies and implementing blockchain technology in business. The state thus attracts investors and experts to develop new technologies and cryptocurrencies.
Read more about the several types of Blockchain right here: https://en.wikipedia.org/wiki/Blockchain#Types