Categories: BlockchainNewsRegulation

UAE Banks’ Advisory Council Consider Blockchain Adoption

On Monday, December 17th, Gulf News reported that the advisory council of the United Arab Emirates Banks Federation (UBF) can adopt blockchain use among the member banks. 

At present, the advisory council of UBF consists of 50 member banks in the UAE.  Moreover, the primary use of Blockchain will be to streamline know-your-customer (KYC) processes at banks. 

Leveraging the Blockchain Technology to Enhance Banking Processes

UBF’s chairman, Abdul Aziz Al Ghurair, said that this initiative will help in developing and driving a “thriving banking ecosystem.” The member banks of the advisory council also discussed driving ahead UAE’s digital transformation program. 

Aref Al Ramli, the chairperson of UBF’s Digital Banking Committee, also spoke about other potential benefits of blockchain. Al Ramli talked about how blockchain can help to create industry standards to digitize inter-banking processes among member banks. 

Furthermore, he also described blockchain’s crucial role in cross-border transfers, payments, and compliance reporting, among several others.

Al Ghurair said that blockchain is helping to put banking industry participants “at the forefront of innovations.” Moreover, these emerging technologies continue “to shape customer needs and expectations.”

“The emerging technologies also present new opportunities for banks to create new revenue streams, which will in turn drive sustained business growth,” said Al Ghurair.

UAE Planning a Major Overhaul of Its Banking Sector

Over the last few months, UAE has taken several initiatives towards enhancing its banking sector with the advent of blockchain. The UAE government is in talks with popular blockchain companies like Ripple. It is also testing some of its blockchain solutions like the RippleNet which can facilitate instant cross-border payments at low cost. 

Other remittance services like the UAE Exchange is also considering the integration of RippleNet. As CBW reported, the UAE exchange will start cross-border remittance services using RippleNet by Q1 2019. 

Promoth Manghat, CEO of the UAE Exchange said, “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”

RISK DISCLOSURE

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Join our Telegram Group To Stay Up To Date With Crypto News

B. Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills

Share
Published by
B. Akolkar
Tags: BlockchainUAE

Recent Posts

  • Altсoins
  • Bitcoin
  • Exchange
  • News

Top Running Cryptocurrencies January 4th, 2019

One of the top performing cryptocurrencies of the day is REPO. REPO (REPO) is currently up 72.75% compared to USD…

5 years ago
  • Blockchain
  • Business
  • News

Gaming Giant Atari Plans to Bring Its Popular Games on Blockchain Platform

As the world is moving towards Blockchain, gaming giant Atari too wants to dip its toe into the emerging technology.…

5 years ago
  • Altсoins
  • Blockchain
  • Business
  • Exchange

Overstock’s tZERO Working on a Crypto Token to Trade Cobalt

Private equity firm GSR Capital has hired tZERO, an Overstock.com subsidiary, to develop digital token for trading cobalt. Overstock said…

5 years ago
  • Ban
  • Business
  • Controversy
  • News
  • Regulation

French Financial Regulator Blacklists Four Crypto Websites

France's financial regulatory watchdog - Financial Market Regulator (AMF) is working aggressively to bring down unauthorized crypto companies. The AMF…

5 years ago
  • Altсoins
  • News

Digix Stablecoin (DGX) Comes With the Backing of Gold

There's a flood of new stablecoins hitting the cryptocurrency space in the last few months. A stablecoin is basically a…

5 years ago
  • Altсoins
  • Bitcoin
  • Exchange
  • News

Top Running Cryptocurrencies December 18th, 2018 – Digitex Futures (DGTX)

One of the top performing cryptocurrencies of the day is Digitex Futures. Digitex Futures (DGTX) is currently up 25.85% compared…

5 years ago