Page 64 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/5/25, 9:02 AM Etihad Credit Insurance joins the KYC Blockchain Platform - Middle East News 247
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.

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