Etihad Credit Insurance Becomes First Insurance Sector Entity to Join KYC Blockchain Platform

Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has become the first insurance sector entity to join the KYC Blockchain Platform, an initiative led by the Dubai Department of Economy and Tourism (DET).

This milestone aims to enhance ease of doing business, improve KYC compliance, and elevate customer data quality while fostering the platform’s growth as a trusted digital ecosystem.

Her Excellency Raja Al Mazrouei, CEO of ECI, highlighted the significance of this move: “We are pleased to be the first export credit agency to join the UAE’s KYC platform, marking a remarkable milestone for us. This step enhances identity verification processes and standardizes compliance procedures through blockchain technology. At ECI, we are committed to leveraging cutting-edge technologies in collaboration with stakeholders to drive operational efficiency, optimize services, and accelerate processes. By joining this platform, we aim to streamline the delivery of our solutions and support businesses engaged in UAE export and re-export activities in regional and global markets.”

Ahmad AlFalasi, CEO of DBLC at DET, welcomed ECI’s participation, stating: “This milestone underscores ECI’s commitment to enhancing the ease of doing business and strengthening KYC compliance standards. DET is dedicated to facilitating seamless company KYC data sharing and validation, and this initiative is a prime example. By easing access to banking, financial, and insurance services, the platform fosters regulatory collaboration and ensures robust compliance. ECI’s participation marks a significant step in ss.olidifying Dubai’s reputation as a trusted global business hub.”

Astyanax Kanakakis, CEO and Co-Founder of norbloc, the platform’s technology provider, elaborated on the benefits of the KYC Blockchain Platform: “This initiative creates a unified customer profile, enhancing data quality, boosting transparency, and improving institutions’ ability to combat financial crimes. The continuous expansion of platform members aligns with the UAE’s digital transformation strategy, stimulating economic growth and reinforcing the country’s position as a global financial hub.”

The platform utilizes norbloc’s Fides solution to enhance customer experiences, offering banks and financial institutions secure access to accurate and reliable information.

By joining the platform, institutions benefit from an expedited account opening process, streamlined digital services, seamless consent-driven data transfers, and enhanced data confidentiality.

Launched in 2020 with founding member banks including Emirates NBD (ENBD), Commercial Bank of Dubai (CBD), and Abu Dhabi Commercial Bank (ADCB), the KYC Blockchain Platform has since expanded to include First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank, Al Masraf, DIFC, and RAKEZ.

ECI’s entry into the network further strengthens its role in shaping the UAE’s financial landscape and advancing digital transformation in compliance and regulatory processes.