UAE oldest private bank to increase security with blockchain

on Feb 24, 2020
Updated: Mar 11, 2020
  • The oldest private bank in the UAE, the Mashreq Bank, recently announced that it is integrating blockchain technology.
  • The bank's goal is to strengthen security, automate the onboarding process, and add many other benefits of emerging technologies.
  • Apart from blockchain, the bank also decided to integrate AI and robotics products.

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The security brought by emerging technologies such as blockchain was expected to be rather disruptive in the world of traditional finances. After years of ignoring it, however, the banks are finally starting to consider using the new tech to improve their own services, gain a competitive edge, and keep their relevance in the world that is rapidly moving towards decentralized technologies.

The most recent example of this is the Mashreq Bank, which today stands as the oldest private bank in the UAE. The bank announced that it plans to utilize blockchain technology to increase security and eventually create a new platform for smart banking.

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The Mashreq Bank was originally founded back in 1967, and since then, it acted as a pioneer in numerous aspects of the banking sector. For example, it was the first bank in the country to start offering ATMs. It was also the first to issue credit and debit cards. Now, it will continue with this tradition by being the first in the region to adopt the blockchain.

The bank remains the most modern private financial institution in the UAE

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According to local news reports, Subroto Som, the bank’s Executive VP and the head of Retail Banking Group, discussed the decision and elaborated on the bank’s vision and stance when it comes to the digital revolution. He also revealed that the bank is already implementing other emerging technologies, including robotics and AI.

Next, he disclosed that the bank started investing in emerging tech last year and that it is now ready to integrate some features of these technologies to launch a new platform for smart banking. The platform will have a number of features, such as better security, easy integration, and an automatic onboarding process. The move will also secure the bank’s position as the leading institution in the UAE.

It is also worth noting that this is not the bank’s first encounter with blockchain tech. Last year, it partnered up with Dubai Land Department for a project called e-mortgage, which used blockchain to strengthen and speed up the home loan registration process.

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