Middle East to receive its first blockchain-based KYC platform

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Updated on Jan 7, 2025

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A partnership between DIFC and Mashreq bank is finally bringing its long-awaited product — the first KYC-compliant blockchain platform in the Middle East.
The platform will allow corporations to quickly and easily access the bank account and maintain greater transparency without sacrificing privacy.
It is also compliant with all the necessary regulations, making it safe for businesses from the legal perspective as well.

The Middle East has just received its first blockchain-based KYC-compliant platform in the region, thanks to a recent collaboration between the Mashreq Bank and Dubai International Financial Centre (DIFC). The platform itself was created by a well-known fintech company, Norbloc.

According to what is known, the platform’s goal is to allow corporations and other licensed businesses to instantly open a bank account. The launch was announced by DIFC only yesterday, March 1st. The Centre stated that the data-sharing platform is a result of a consortium that was formed in July last year.

The announcement also reveals that the Proof-of-Concept blockchain protocol known as Fides was developed by Norbloc, while the legal agreements were drafted by Gowling WLG. At the same time, Deloitte helped Mashreq with handling program management and governance issues.

The platform is fully regulatory compliant

As mentioned, the initiative’s purpose is to facilitate business in the region, which is why DIFC was working on preparing a KYC record during the license application. With the customers’ consent, the record will be shared with Mashreq bank via the blockchain, which would allow customers instant accounting with the bank.

After months of development, the platform is now live and ready to be used. The benefits for the companies that it is targeting are quite clear, as well —businesses will be able to operate much faster in UAE, while the extra paper-based KYC processes will be entirely eliminated.

Further, the DIFC stated that, as part of its legal framework, the Data Protection Law includes the best practice standards on the international level. It is consistent with OECD guidelines, as well as with the EU regulations. It was specially designed to balance all the legitimate needs that the businesses and organizations may have in order to process personal data, while allowing individuals to protect their privacy simultaneously.