Page 14 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

Press Release

Etihad Credit Insurance joins the KYC Blockchain

Platform

Dubai, UAE - 03 February 2025: Etihad Credit Insurance (ECI), the UAE Federal
export credit company, joined the KYC Blockchain Platform, marking a first for the
insurance sector. Led by the Dubai Department of Economy and Tourism (DET), the
initiative aims to improve ease of doing business, company KYC compliance, and
customer data quality and enable the KYC network’s future growth by leveraging it as
a reliable customer data ecosystem.

Her Excellency Raja Al Mazrouei, CEO of ECI, said: “We are pleased to be the first
export credit agency to join the UAE’s KYC platform, which marks a remarkable
milestone for us. This step enables the ecosystem to quickly improve the verification
process of consumer identities and build unified procedures by leveraging blockchain
technology. At ECI, we are committed to using state-of-the-art technologies in
partnership with relevant stakeholders to increase operational efficiency, optimise
services and accelerate processes. We believe that this move would help streamline the
process of delivering our services and solutions, as well as support and enable a larger
group of businesses engaged in UAE export and re-export operations to both regional
and international markets.”

Ahmad AlFalasi, CEO of DBLC at DET, said: “We are pleased to welcome ECI as
the first insurance sector entity to join the KYC Blockchain Platform. This milestone
highlights ECI’s commitment to improving ease of doing business and enhancing KYC
compliance standards. DET is dedicated to providing alternative channels for seamless
company KYC data sharing and validation, with this initiative being a key example. By
easing access to banking, financial, and insurance services, the platform fosters
regulatory collaboration while ensuring robust KYC compliance. ECI's participation
underscores the growing momentum of this initiative, and we look forward to further
strengthening Dubai’s position as a global trusted business hub.”

Astyanax Kanakakis, CEO and Co-Founder of norbloc, elaborated: “The KYC
Blockchain Platform establishes a single version of truth per customer profile,
enhancing data quality, boosting transparency, while improving institutions’ efforts to
combat financial crimes, streamlining data exchange and encouraging cooperation.
Furthermore, the continuous expansion of platform members in the country aligns with
the UAE’s strategy for digital transformation and is an integral component to