Page 80 - ETIHAD CREDIT INSURANCE PR REPORT - FEBRUARY 2025

2/5/25, 9:04 AM Etihad Credit Insurance joins the KYC Blockchain Platform
enables the ecosystem to quickly improve the verification process of consumer identities and
build unified 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.

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