Moody’s Investors Service had deemed a know-your-customer (KYC) blockchain platform credit positive for financial institutions in the United Arab Emirates. Developed for a consortium of six major UAE banks in partnership with Norbloc, the solution is expected to launch in the first quarter of 2020. With an aim to improve compliance and lenders’ regulatory frameworks, the KYC blockchain consortium is expected to support the asset quality of UAE banks by reducing operational risk. The platform could ensure improved compliance with local and international KYC regulations while reducing the risk of data theft.
