Page 57 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/5/25, 9:01 AM Etihad Credit Insurance becomes UAE's first insurer to join KYC Blockchain Platform

Read more: Etihad Credit Insurance achieves AA- rating with stable outlook from Fitch for
seventh year in a row
Enhancing business operations
Additionally, 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.”
Strengthening data integrity
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 stimulating economic growth and reinforcing the UAE’s leading position as a global
financial hub and a primary investment destination.”

Transforming customer experiences
Moreover, the platform uses norbloc’s Fides solution to improve customer experiences by
leveraging innovative blockchain technology to offer access to accurate and reliable information for
banks and other financial institutions. Joining the platform ensures an expedited account opening

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