Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, has become the first insurer to join the KYC Blockchain Platform, an initiative spearheaded by the Dubai Department of Economy and Tourism (DET). The project is designed to facilitate business operations, enhance Know Your Customer (KYC) compliance, improve customer data quality, and support the platform’s expansion as a trusted data-sharing ecosystem.
The Chief Executive Officer of ECI, Her Excellency Raja Al Mazrouei, emphasized that this development represents a significant milestone for the agency. She indicated that integrating into the platform would enhance the efficiency of identity verification processes and establish standardized procedures through blockchain technology. She reiterated ECI’s dedication to employing advanced technologies in collaboration with stakeholders to optimize services, increase operational efficiency, and expedite processes. Furthermore, she highlighted that this initiative would streamline the delivery of ECI’s services while assisting a broader range of businesses engaged in export and re-export activities across regional and international markets.
Strengthening Dubai’s Business Environment
Ahmad AlFalasi, CEO of DBLC at DET, acknowledged ECI’s participation as a crucial step for the insurance sector. He noted that this move underscores ECI’s dedication to improving business operations and KYC compliance. He also pointed out that DET remains focused on offering alternative solutions for seamless KYC data sharing and validation. According to him, the KYC Blockchain Platform simplifies access to banking, financial, and insurance services while promoting regulatory cooperation and ensuring stringent compliance measures. He added that ECI’s involvement further strengthens the initiative’s momentum, reinforcing Dubai’s standing as a trusted global business center.
Advancing Data Transparency and Security
Astyanax Kanakakis, CEO and Co-Founder of norbloc, explained that the platform enables a unified, reliable customer profile, ensuring high-quality data, increased transparency, and enhanced efforts to combat financial crimes. He elaborated that the system streamlines data exchange, fosters institutional collaboration, and aligns with the UAE’s digital transformation goals. He also emphasized that the expansion of platform participants contributes to the country’s economic growth and solidifies its position as a leading financial hub and a premier investment destination.
Leveraging Blockchain for Seamless Operations
The KYC Blockchain Platform utilizes norbloc’s Fides solution to enhance customer experiences by leveraging blockchain technology. The platform ensures reliable access to customer data for banks and financial institutions, expediting account opening processes, simplifying financial and digital services, and facilitating secure consent-driven data sharing. Additionally, it maintains customer data confidentiality while promoting a streamlined and efficient regulatory environment.
The DET launched the KYC Blockchain Platform in 2020 in collaboration with several founding banks. The initiative aims to enhance data exchange mechanisms across the emirate, ultimately fostering a more integrated and transparent financial ecosystem.
