Etihad Credit Insurance joins the KYC Blockchain Platform
ECONOMY & POLICY

Etihad Credit Insurance joins the KYC Blockchain Platform

Etihad Credit Insurance (ECI), the UAE Federal export credit company, joined the KYC Blockchain Platform, marking a first for the insurance sector. Led by the Dubai Department of Economy and Tourism (DET), the initiative aims to improve ease of doing business, company KYC compliance, and customer data quality and enable the KYC network’s future growth by leveraging it as a reliable customer data ecosystem.

Her Excellency Raja Al Mazrouei, CEO of ECI, said: “We are pleased to be the first export credit agency to join the UAE’s KYC platform, which marks a remarkable milestone for us. This step 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.

Etihad Credit Insurance (ECI), the UAE Federal export credit company, joined the KYC Blockchain Platform, marking a first for the insurance sector. Led by the Dubai Department of Economy and Tourism (DET), the initiative aims to improve ease of doing business, company KYC compliance, and customer data quality and enable the KYC network’s future growth by leveraging it as a reliable customer data ecosystem. Her Excellency Raja Al Mazrouei, CEO of ECI, said: “We are pleased to be the first export credit agency to join the UAE’s KYC platform, which marks a remarkable milestone for us. This step 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.

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors...To read the full article Click Here..

Next Story
Real Estate

Serene Communities, Prathima Group Invest Rs 4 billion in Hyderabad

Serene Communities by Columbia Pacific, India’s largest senior living operator, has partnered with Prathima Group to develop two senior living projects in Hyderabad, marking its entry into Telangana. The collaboration represents an investment of Rs 4 billion, combining Serene’s international expertise with Prathima’s local development experience. The first project, Serene BILVANI One, launched in Shankarpally, is Hyderabad’s first premium senior living community. Designed for independent and active ageing, it features senior-friendly architecture, barrier-free design, and wellness..

Next Story
Infrastructure Urban

India remains our most important market

Foundamental, the world’s leading venture capital platform focused on the project economy, has launched its third fund to strengthen its presence in India, APAC, and other global markets. Led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, Fund III aims for a final close by the end of 2025. In an exclusive interaction with CW, Bhattacharya shares insights on the fund’s mandate, India’s role in their strategy, and the opportunities they see in the construction-tech and project-based sectors. Can you briefly explain Fund III’s mandate and how In..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?