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Etihad Credit Insurance (ECI), the UAE’s federal export credit agency, has become the first entity in the insurance sector to join the KYC Blockchain Platform. Spearheaded by the Dubai Department of Economy and Tourism (DET), this initiative aims to enhance ease of business, strengthen Know Your Customer (KYC) compliance, and improve customer data quality through blockchain-driven verification.

Her Excellency Raja Al Mazrouei, CEO of ECI, emphasized the agency’s commitment to leveraging blockchain technology to streamline verification processes and unify procedures. “Joining the UAE’s KYC platform is a significant milestone for ECI. This step will optimize services, increase operational efficiency, and enhance business engagement in UAE export and re-export operations across regional and global markets,” she stated.

Ahmad AlFalasi, CEO of DBLC at DET, welcomed ECI’s participation, highlighting its role in improving KYC compliance and reinforcing Dubai’s position as a trusted business hub. He noted that the platform enhances regulatory collaboration and eases access to financial and insurance services.

Astyanax Kanakakis, CEO and Co-Founder of norbloc, elaborated on the impact of the KYC Blockchain Platform, which utilizes norbloc’s Fides solution. He highlighted that the system ensures a “single version of truth” for customer profiles, improving data accuracy, transparency, and financial crime prevention while facilitating seamless data exchange.

Launched in 2020, the DET-led initiative aims to drive the UAE’s digital transformation and economic growth by fostering secure and efficient data sharing among financial institutions. ECI’s involvement signals further expansion of blockchain adoption in the financial and insurance sectors.

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