Al Masraf, a governmental bank in the United Arab Emirates (UAE), has announced its integration with the norbloc Fides platform. Fides is a blockchain-powered solution that allows for the secure exchange of electronic Know Your Customer (eKYC) information.
The integration with Fides will allow Al Masraf to streamline its customer onboarding process and improve its compliance with anti-money laundering (AML) regulations. The Fides platform will also allow Al Masraf to share customer data with other financial institutions in the UAE, which will help to reduce fraud and improve the overall security of the financial system.
“We are excited to integrate with the Fides platform and embrace the benefits of blockchain technology,” said a spokesperson for Al Masraf. “This integration will help us to improve our customer experience, reduce our costs, and strengthen our compliance with AML regulations.”
The integration with Fides is part of Al Masraf’s broader strategy to adopt new technologies and improve its customer service. The bank has also recently launched a new mobile app and a new online banking platform.
Benefits of Blockchain-Based eKYC
There are a number of benefits to using blockchain-based eKYC solutions.
Blockchain-based eKYC solutions can help to streamline the customer onboarding process by automating many of the steps involved. This can save time and money for both the customer and the financial institution.
Blockchain-based eKYC solutions can help to reduce fraud by providing a secure and tamper-proof way to store and share customer data. This can help to prevent criminals from using stolen or fake identities to open accounts.
Blockchain-based eKYC solutions can help financial institutions to comply with AML regulations by providing a way to track and audit customer data. This can help to ensure that financial institutions are not unknowingly facilitating money laundering or other illegal activities.
The integration of Al Masraf with the Fides platform is a significant development in the adoption of blockchain technology in the financial sector. The benefits of blockchain-based eKYC solutions are clear, and it is likely that we will see more and more financial institutions adopt these solutions in the future.