Page 60 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/5/25, 9:02 AM Etihad Credit Insurance joins the KYC Blockchain Platform
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 stimulating
economic growth and reinforcing the UAE’s leading position as a global financial hub and a primary
investment destination.”

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 process, streamlined financial
and digital services, seamless consent-driven customer data transfer, and confidentiality of customer
data.

With the goal of facilitating efficient data exchange in the emirate, the Dubai Department of Economy
and Tourism (DET) launched the KYC Blockchain Platform in 2020, in collaboration with a group of
founding member banks.

For further information, please contact:
Orient Planet Group (OPG)

Tel: +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com

About Etihad Credit Insurance (ECI)

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