December 17, 2018
Ayman Hussein, Deputy Governor of the Central Bank for Information Technology and Payment Systems, revealed that the Central Bank is considering allowing the exchange of “Know Your Customer” information between banks, subject to customer approval.
In statements made on the sidelines of the first edition of the Arab Digital Economy Conference, held under the patronage of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, Hussein explained that this step comes within the framework of the Central Bank’s commitment to facilitating the process of opening accounts, in addition to preparing the banking sector to implement systems that enable the operation of digital banks.
The Deputy Governor of the Central Bank said yesterday that the Central Bank has received applications from four banks to obtain a license to establish a digital bank, declining to disclose the names of the banks.
He indicated that the Central Bank is currently working on establishing the foundations and rules for the launch and operation of digital banks, adding that the goal is to keep pace with technological developments and reduce operating costs for the bank, in the interest of customers.
