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The Dubai International Financial Center (DIFC), Mashreqbank, through its corporate and investment banking group, and Norblock, the financial technology firm specializing in the recognition and qualification of Financial Center clients Dubai International (DIFC), have joined forces to launch the first Consortium Share customer data using Block Qin technology in the region in the first quarter of 2020.
This market-leading initiative will facilitate the process of registering and opening files for new customers and the faster and more secure exchange of customer ID documents through advanced distributed technologies, including Block technology. Qin.
The program also describes the mechanism for drafting an alliance agreement to organize cooperative efforts among banks, government agencies, financial institutions and other future licensing entities to participate in the platform. form.
Although DIFC and Mashreqbank are founding members of the initiative, membership in the alliance will be open to all financial institutions and all qualified license holders.
Investment in technology
Abdul Aziz Al Ghurair, chairman and CEO of Mashreq Bank, said: "We are confident that the investment in Qin Block technology will greatly enhance the recording and opening experience of files for new customers and compliance with regulatory requirements, as it provides a unified platform to carry out this process faster and easier.
These emerging technologies offer significant opportunities for banks operating in the UAE and the region as they provide them with new sources of revenue and thus stimulate long-term sustainable growth. We are very pleased to be part of this new alliance to develop Block Qin's customer recognition platform, which confirms Mashreqbank's position as the most advanced bank in the region.
Arif Amiri, CEO of the DIFC Authority, said: "This initiative is a unique opportunity to utilize innovative technology to deliver a simple and integrated experience to new DIFC companies and businesses.
As we prepare for a new phase of growth and expansion, DIFC is committed to building the future of the financial sector in the Middle East, Africa, South Asia and around the world.
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