Page 66 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/5/25, 9:02 AM Etihad Credit Insurance joins the KYC Blockchain Platform - Middle East Business News and Information - mid-east.info

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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