ADGM concludes first phase of industry e-KYC utility project

ABU DHABI / WAM

The Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in the capital of the UAE, successfully concluded the first phase of the industry electronic-Know-Your-Customer (e-KYC) utility project.
The Financial Services Regulatory Authority (FSRA) of ADGM, in collaboration with its project advisor KPMG has published a high-level summary of the project scope and the key insights for the benefit of the financial industry.
The e-KYC project, launched in March 2018, was an FSRA-led collaboration with a consortium of the UAE’s major financial institutions including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Ansari Exchange, Al Fardan Exchange, First Abu Dhabi Bank, and UAE Exchange. The objective was to develop a proof-of-concept PoC, to test operational and technological models of the e-KYC
utility. In consultation with consortium members, the FSRA also developed a governance framework and business model on which the e-KYC utility can operate on an inclusive and sustainable basis.
Richard Teng, CEO of the FSRA of ADGM said, “By harnessing the power of technologies such as blockchain, the e-KYC project has demonstrated tangible benefits that may be offered by an e-KYC utility for financial institutions in the UAE. In addition to enhancing KYC checks across the industry, the utility can achieve significant cost efficiencies and financial inclusion driven by unified KYC standards. We would like to thank our corporate partners and members of the UAE financial industry for participating in this project and for their commitment to ensuring quality financial services for the country.”