Page 54 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/7/25, 9:40 AM Etihad Credit Insurance Joins UAE’s KYC Blockchain Platform for Better Compliance - Fincrime Central
reliable ecosystem for sharing and validating customer data efficiently across financial institutions. By
participating in this initiative, ECI aims to optimize its service delivery, improve risk assessment, and support
businesses engaged in UAE exports.

Her Excellency Raja Al Mazrouei, CEO of ECI, expressed enthusiasm about the development:

“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.”

She further emphasized ECI’s dedication to leveraging cutting-edge technologies, which enhance operational
efficiency and accelerate processes, ultimately benefiting a broader network of businesses involved in
international trade.

STRENGTHENING FINANCIAL SECURITY THROUGH BLOCKCHAIN

KYC (Know Your Customer) compliance has long been a critical requirement in financial and insurance sectors.
However, traditional KYC processes often involve time-consuming, redundant data collection. The blockchain-
powered platform eliminates these inefficiencies by creating a single source of verified customer information,
which can be securely accessed by authorized institutions.

Ahmad AlFalasi, CEO of DBLC at DET, underscored the strategic importance of ECI’s participation:

“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.”

By allowing seamless company KYC data sharing and validation, the blockchain-based platform strengthens
regulatory oversight while ensuring transparency across financial transactions. The initiative also aligns with
Dubai’s ambition to become a global leader in digital finance and business regulation.

ENHANCING DATA INTEGRITY & FIGHTING FINANCIAL CRIME

Data integrity plays a pivotal role in compliance and fraud prevention. Astyanax Kanakakis, CEO and co-founder
of norbloc, the company behind the blockchain infrastructure, highlighted the benefits of blockchain-based KYC:

“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.”

By ensuring that financial institutions operate with accurate, tamper-proof data, the platform mitigates risks
related to money laundering, identity fraud, and other illicit activities. As participation in the network grows,
regulatory agencies and financial service providers can collaborate more effectively to safeguard the UAE’s
financial ecosystem.

TRANSFORMING CUSTOMER EXPERIENCES WITH INNOVATION

The integration of blockchain into KYC compliance isn’t just about regulatory improvements—it also enhances
customer experiences. The platform leverages norbloc’s Fides solution, allowing banks and financial institutions
to access reliable customer data without redundant documentation requests.

This development translates into faster account openings, simplified verification procedures, and greater financial
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