Advisory Council of UAE Banks Federation Considers Adoption of Blockchain in Banks

The Advisory Council of the United Arab Emirates Banks Federation (UBF) discussed applying blockchain in its member banks, according to the Dubai-based English language newspaper Gulf News on Dec. 17.

The Advisory Council of UBF, a non-profit organization representing 50 member banks in the country, considered using blockchain to improve Know Your Customer (KYC) processes at entrant banks. UBF’s chairman, Abdul Aziz Al Ghurair, claimed that the discussed initiative represents an effort to create and maintain a “thriving banking ecosystem.”

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