The advisory Council of the United Arab Emirates Banks Federation (UBF) mentioned applying blockchain in its member banks, in step with the Dubai-based English language newspaper Gulf News on Dec. 17.

The advisory Council of UBF, a non-profit organization representing fifty member banks within the country, thought-about using blockchain to boost Know Your Customer (KYC) processes at entrant banks. UBF’s chairman, Abdul Aziz Al Ghurair, claimed that the mentioned initiative represents an endeavor to make and maintain a “thriving banking scheme.”

Participants additionally mentioned problems regarding the country’s national digital transformation program and Emiratization — a government employment initiative to position its voters in roles within the public and personal sectors.

Aref Al Ramli, president of UBF’s Digital Banking Committee, presented a blockchain-based study that explores the advantages of digitizing numerous processes within member banks via distributed ledger technology (DLT). The study has outlined variety of blockchain applications by banking establishments, together with cross-border payments, compliance reporting, client onboarding, and others.

Al Ghurair said that rising technologies are “continuing to shape client desires and expectations,” putting banking system participants “at the forefront of innovations.” He additionally claimed that new technologies like blockchain will assist banks in making new revenue streams, “which can successively drive sustained business growth.”

In late Nov, the governmental AI and Blockchain Joint working group hosted an annual meeting that complete with the launch of 2 initiatives assuming to boost blockchain and artificial intelligence (AI) development. At the meeting, participants thought-about methods to draw in foreign investments and build a necessary infrastructure by victimization AI and blockchain.

Also in Nov, Abu Dhabi-based Al Hilal Bank declared it completed “the world’s initial sukuk transaction” supported blockchain technology. Sukuk, a legal tool that's called “sharia compliant” bonds, permits investors to get returns in compliance with law.

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