Gowling WLG's award winning technology team has advised Mashreqbank PSC and collaborated with the Dubai International Finance Centre Authority (DIFCA) on the MEASA region's first know-your-customer (KYC) blockchain data-sharing platform for the financial sector ecosystem in the UAE.
Now live, the platform will allow UAE-based banks and corporates to open digital bank accounts instantly. The use of blockchain technology within the platform removes the need for the existing paper-based KYC processes, resulting in an easier account opening process.
Gowling WLG was the strategic legal counsel which facilitated the delivery of this innovative project with two of the UAEs largest financial sector entities.
The Gowling WLG team comprised of Dubai-based partner, Tony Fielding, and principal associate Alexandre Brazeau.
Tony Fielding said: "As the Dubai financial sector embraces FinTech innovations, particularly the value of blockchain, being chosen as the strategic legal advisors to Mashreqbank on the first to KYC market project in region, together with the DIFCA, was an incredible opportunity to work with the region's largest financial institutions and innovators. As the UAE continues to innovate in all sectors, Gowling WLG is committed to being part of this major innovation strategy".
Following the success of the Mashreq and DIFC KYC blockchain data-sharing platform, the Gowling WLG Dubai technology team were awarded 'TMT team of the Year' at the Oath Middle East Legal Awards in December 2019. The team are also shortlisted as 'TMT team of the Year' in the upcoming Middle East Legal Awards.