The Oldest Private Bank In UAE Taps Blockchain To Enhance Client Security

The oldest privately owned bank in UAE, the Mashreq Bank, will utilize blockchain, according to the bank’s Executive VP. By using the technology’s security and easier integration, they will create a platform for smart banking.

Mashreq Bank To Use Blockchain

Founded in 1967, Mashreq Bank has been a pioneer in many different aspects in the banking sector. Aside from being the first UAE bank to install ATMs and the first to issue debit and credit cards, the large bank will lead in blockchain adoption in the region, as well.

A local report from earlier today had the bank’s Executive Vice President and Head of Retail Banking Group, Subroto Som, speaking on the matter. He explained their stance and vision with the ongoing digital revolution in the sector. Som informed that the bank is already implementing artificial intelligence (AI) and robotics.

Additionally, he said that “in 2019, we began investing heavily in emerging technologies, such as blockchain.” As a result, they will utilize the technology’s features to launch a platform for smart banking later this year:

“Our blockchain platform exemplifies technology that is secure, easy to integrate, and automates the onboarding process for our corporate clients.

A first for the region, the platform ensures the protection of customer data while providing the convenience and flexibility of smart banking. With a launch planned for the first quarter of 2020, we aim to roll out the initiative to our business clients before exploring an expansion into additional segments.”

According to Som, the blockchain platform will ensure the bank’s position as a digital banking leader in the region.

A Blockchain-Based Electronic Mortgage System

Last year, Mashreq Bank collaborated with the Dubai Land Department in another blockchain-based product. It’s called e-mortgage, and its purpose is to speed up and strengthen the home loan registration process.

DLD’s director-general Sultan Butti bin Mejren spoke on the matter at the time. He believes that blockchain can automate and accelerate the whole process, thus decreasing the paper transactions.

“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.”