UAE Banks Federation convenes on KYC and blockchain

Enhancement of your customer (KYC) processes at the meeting of the meeting. Other key topics on the agenda included Emiratization, and digital transformation.

H. E. AbdulAziz Al Ghurair, Chairman of the 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 the KYC process, which are in the pipeline as well. It has become all-important for the banking industry to be at the forefront of innovation. The emerging technologies will present new revenue streams, which will turn into a 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 the 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.

Husam Al Sayed, Chairperson of UBF Human Resource Committee, General Manager of Human Resources at Emirates NBD, and Ahmed Al Zaabi, Head of Emiratization at the First Abu Dhabi Bank, highlighted plans and initiatives critical and leadership roles at UAE Banks.

UBF key projects and initiatives such as Emirates Digital Wallet and TASHARUK platform, and new ways to accelerate the digital transformation of the banks in the UAE into the face of increased disruption from emerging technologies .