Page 118 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/18/25, 8:33 AM Etihad Credit Insurance Becomes First Insurer to Join UAE's KYC Blockchain Platform
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.

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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

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