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Cryptocurrencies may be at the lowest low now, but blockchain technology is still producing waves all over the world. Recently, the UAE's Advisory Council held a meeting where they discussed the benefits of applying blockchain technology to all member banks. This is according to the news released by Gulf News, an English-language newspaper in Dubai on the 17th.
The advisory council of the UBF is a non-profit organization that represents about 50 banks within the country. To improve KYC processes, the council suggested the integration of blockchain technology. According to the president of the UBF, Abdul Aziz Al Ghurair, this initiative represents the Council's effort to develop and maintain a thriving banking environment. They also discussed issues related to the national and digital emirator and transformation program. This is an initiative that has been employed by the government to statistically place citizens in roles in the public and private sectors.
The chairman of the committee, Aref Al Ramli, gave a presentation of a blockchain-based study that explores all the benefits of digitalization processes among the associated banks using blockchain technology. The study mentioned several ways in which blockchain technology can be applied in banking institutions. Some of these applications include compliance reports, cross-border payments, customer onboarding, etc.
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According to Al Ghurair, emerging technologies will continue to shape customer expectations and needs, putting banking participants at the forefront of innovation. He also said that innovations such as blockchain technology will help banks create new revenue streams. This, in turn, will lead to the development of sustainable business.
In November, the government Blockchain and the joint AI working group met for an annual meeting. During the meeting the strategies that can be used to attract foreign investors and create the required infrastructure using blockchain and artificial intelligence were discussed.
The same month, AI Hilal Bank of Abu Dhabi announced that it had completed the first sukuk transaction with blockchain technology. Sukuk is a tool also known as Sharia-compliant bonds. It allows investors to obtain returns that comply with Islamic law.
