A US-based mobile identity platform is lending its expertise to Bank AlJazira in launching what is touted as the first-of-its kind use case in the GCC.
The use case utilizes California-based ShoCard’s blockchain identity management solution along with the KYC solution from Settlemint. ShoCard, which recently got its hands on US$4 million in funding to roll out its enterprise solution that eliminates the need for usernames and passwords to authorize network and data access, will be working with Saudi’s Bank AlJazira and a Saudi homegrown technology brand – Ateon – to launch the use case.
Bank AlJazira joins a growing number of Islamic banks in the GCC experimenting with blockchain technology: world heavyweight Al Rajhi Bank notably got the ball rolling in Saudi by being the first local bank to conclude a cross-border money transfer using Ripple blockchain technology back in June.
A timeline as to when the system would be ready was not revealed, however, once deployed, Bank AlJazira expects to save cost and reduce duplication for identity management, drive down the possibility for fraud by prohibiting a borrower from securing a loan against the same assets from multiple banks and improve anti-money laundering management among others.