The security brought by developing technologies like blockchain was assumed to be somewhat disruptive in the world of conventional finances. After ages of neglecting it, though, the banks are commencing to consider utilizing the new technology to enhance their services, obtain a competitive edge, and keep their significance in the world that is swiftly shifting towards decentralized technologies.

The most recent instance of this is the Mashreq Bank, which today endures as the oldest private bank in the UAE. The bank declared that it intends to use blockchain technology to grow security and ultimately build a new platform for smart banking.

The Mashreq Bank was initially founded back in 1967, and since then, it served as a guide in various phases of the banking sector. For instance, it was the first bank in the country to begin providing ATMs. It was also the primary to assign credit and debit cards. Now, it will proceed with this custom by being the first in the area to embrace the blockchain.

The bank remains the most modern private financial institution in the UAE

According to local news reports, Subroto Som, as affirmed by the Executive Vice President and Head of Retail Banking Group, there is an ample opportunity for the banking sector to give durable and low-cost technology to the consumers and to welcome the financial services by utilizing digital technology. 

He also explained that the bank is already executing other emerging technologies, including AI and robotics.

Next, he revealed that the bank commenced funding in emerging technology last year and that it is now equipped to combine some features of these technologies to launch a new platform for smart banking. 

The platform will have various functions, such as easy integration, better security, and an automatic onboarding process. The move will also ensure the bank’s position as the head institution in the UAE.

It is also worth heeding that this is not the bank’s first contact with blockchain technology. Last year, it associated with Dubai Land Department for a project named e-mortgage, which utilized blockchain to strengthen and speed up the home loan registration process.

Apart from this, Mashreq is operating with a huge count of fintech firms in the retail corner, as credit underwriting, wealth management, and many more.

Various digital services have been included by Mashreq Bank, which showed a suitable platform for the consumers banking with them—holding the customer as a priority Mashreq is dedicated to serving easy access to the financial services in the UAE.