Page 73 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/5/25, 9:03 AM Etihad Credit Insurance joins the KYC Blockchain Platform - Business - Economy and Finance - Emirates24|7
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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