Page 71 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/5/25, 9:03 AM Latest News
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.

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