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UAE Banks Federation Considers Adoption Of Blockchain In Banks


UAE Banks Federation or UBF, a non-profit organization representing 50 member banks in the country, is exploring the adoption of blockchain in its member banks, according to the Dubai-based newspaper Gulf News.

The CEOs Advisory Council of the UBF discussed the use of blockchain to enhance know-your-customer or KYC processes at banks. The council also reviewed other major topics such as digital transformation, and Emiratization, an employment initiative by the government to place its citizens in the public and private sector roles.

During the meeting, UBF's Digital Banking Committee presented a study about Blockchain. The study explores opportunities for creating an industry standard to digitize various processes within member banks through distributed ledger technology, and the potential functions that can be leveraged by the technology. The intended blockchain applications by banking institutions include client onboarding, cross-border transfers, payments, and compliance reporting, among others.

Cointelegraph noted that the governmental AI and Blockchain Joint Working Group in late November hosted an annual meeting that concluded with the launch of two initiatives aimed to boost the development of blockchain and artificial intelligence or AI.

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