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The Advisory Council of the Federation of Banks of the United Arab Emirates (UBF) discussed the application of the blockchain in its affiliated banks, according to the English-language newspaper Gulf News of 17 December.
The advisory council of UBF, a non-profit organization representing 50 member banks in the country, took into consideration the use of blockchains to improve Know Your Customer (KYC) processes at participating banks. The president of UBF, Abdul Aziz Al Ghurair, said that the initiative discussed is an effort to create and maintain a "prosperous banking ecosystem".
The participants also discussed issues related to the country's national digital transformation program and to the emiratization – a government employment initiative to place its citizens in roles in the public and private sectors.
Aref Al Ramli, president of the UBF Digital Banking Committee, presented a blockchain-based study exploring the benefits of digitizing various processes within associated banks through distributed ledger technology (DLP). The study outlined a number of blockchain applications by banking institutions, including cross-border payments, compliance reporting, customer onboarding and others.
Al Ghurair said that emerging technologies are "continuing to shape the needs and expectations of customers", placing the participants in the banking sector "at the forefront of innovations". He also said that new technologies such as blockchain can help banks create new revenue streams ".
At the end of November, the governmental AI and the joint Blockchain working group organized an annual meeting that ended with the launch of two initiatives aimed at enhancing the development of blockchain and artificial intelligence (AI). During the meeting, the participants considered strategies to attract foreign investment and build a necessary infrastructure using artificial intelligence and blockchain.
Also in November, Al Hilal Bank of Abu Dhabi announced that it has completed "the first sukuk operation in the world" based on blockchain technology. Sukuk, a legal instrument known as "sharia compliant", allows investors to generate returns in accordance with Islamic law.
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