The Advisory Council of the United Arab Emirates Banks Federation (UBF) has expressed its interest considering blockchain implementation in its member banks.

The Advisory Council of UBF represents 50 member banks across UAE and wants to use blockchain to improve Know Your Customer (KYC) processes at entrant banks.

UBF’s chairman, Abdul Aziz Al Ghurair, has assured that the initiative will create and maintain a prosperous banking ecosystem. He has further stated that emerging technologies are shaping customer needs and their expectations as well. As claimed, nascent technologies such as blockchain will help banks in creating new revenue streams for sustained business growth.

Earlier, Askrypto also reported about the UAE-based Al Hilal Bank’s first sukuk transaction on blockchain technology.