Advisory Council of UAE Banks Federation discussed applying blockchain at Entrant Banks

Advisory Council of UAE Banks Federation discussed applying blockchain at Entrant Banks

UAF considers blockchain adoption to drive sustained business growth

On December 17, 2018, Dubai-based media outlet Gulf News reported that the Advisory Council of the United Arab Emirates Banks Federation (UBF) had discussed applying blockchain technology at its member banks.

The Advisory Council of UBF is a non-profit organization which unites 50 member banks in the country. It has considered using blockchain technology in improving Know Your Customer (KYC) processes at entrant banks. Abdul Aziz Al Ghurair – UBF’s chairman – said that the discussed initiative is an effort to create and maintain a growing banking ecosystem.

The meeting was also devoted to other issues such as Emiratization, and digital transformation. Aref Al Ramli – chairpersonn of UBF’s Digital Banking Committee – presented a study about blockchain technology that explores the benefits of digitizing various processes within member banks. Also, potential functions that can function more effective using distributed ledger technology, were outlined. Those include cross-border transfers, payments, client onboarding, and compliance reporting, etc.

Abdul Aziz Al Ghurair stated that emerging technologies are “continuing to shape customer needs and expectations,” putting banking industry members “at the forefront of innovations.” He also noted that blockchain technology can assist banks in creating new gainful streams, “which will in turn drive sustained business growth.”

Author: Alena Snezhnaya

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