Dubai introduces instant bank account for new entrepreneurs.

Dubai Economy has established a blockchain consortium in partnership with six UAE banks, whereby freelancers and entrepreneurs in Dubai will soon be able open bank account instantly.

"KYC (Know Your Customer) Blockchain Consortium" consists of Emirates NBD, Emirates Islamic, HSBC, Rakbank, Abu Dhabi Commercial Bank and Commercial Bank of Dubai.

Through the first KYC blockchain platform to be introduced in the UAE, authenticated and validated KYC data of companies will simultaneously be shared with financial institutions of their preference. This will expedite the opening of a bank account for newly registered companies and reduce the burdensome and costly requirements of managing KYC data for already registered companies. This is in stark contrast to the status quo, whereby multiple paper-based KYC files are redundantly originated and managed in silos.

Opening a bank account has been a major hassle for new entrepreneurs, freelancers and small businesses due to tough requirements from the banks and this platform will make life much more easier for them.

"The platform will offer a digital...