Abu Dhabi Global Market (ADGM), the international financial centre in the UAE capital, has announced the launch of an electronic-Know-Your-Customer (e-KYC) utility project in close collaboration with a key team of the UAE’s largest financial institutions.
The initiation and development of the project is being implemented through ADGM's unit, Financial Services Regulatory Authority (FSRA).
This comes following the first Regional Regulators’ Roundtable for Mena (Middle East and North Africa) regulators hosted by ADGM at its FinTech Abu Dhabi Festival last October and is part of an inclusive programme of ADGM’s institutional-focused projects for 2018, said a statement from the top UAE financial centre.
An industry consortium, comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Ansari Exchange, Al Fardan Exchange, First Abu Dhabi Bank, UAE Exchange and ADGM, will develop a proof-of-concept to decide the governance framework and the functional requirements of the e-KYC utility, it stated.
Distributed Ledger Technologies are being considered to underpin core functionality within the platform, it added.
Richard Teng, the chief executive of FSRA, said: "The immensely positive industry response reveals how seriously the region takes robust KYC and the material impact of ‘RegTech’ technologies in addressing industry challenges."
"Banks and financial institutions are seeking more ways to meet KYC and AML requirements and standards. With increased deployment of technology, such as blockchain for KYC and the efficient management of digital identities, greater efficiency and cost-effectiveness can be achieved," stated Teng.
"The combined expertise and reach of the consortium means it will be able to deliver real benefits to the UAE’s financial services sector and cement Abu Dhabi’s reputation as a leading global financial hub. We look forward to delivering meaningful results together in the KYC space," he added.-TradeArabia News Service
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