UBF explores adoption of blockchain in banks

Dubai: The CEOs Advisory Council of the UAE Banks Federation (UBF) on Monday discussed the adoption of blockchain to enhance know-your-customer (KYC) processes at banks.

The meeting also reviewed other key topics such as Emiratization, and digital transformation.

“As part of our efforts aimed at creating and sustaining a thriving banking ecosystem, we have undertaken a number of initiatives and new endeavours, such as the adoption of blockchain into KYC process,” said Abdul Aziz Al Ghurair, Chairman of UBF.

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 creating an industry standard to digitise 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.

“With advancements in technologies continuing to shape customer needs and expectations, it has become all-important for the banking industry to be at the forefront of innovation. The emerging technologies also present new opportunities for banks to create new revenue streams, which will in turn drive sustained business growth,” said Al Ghurair.