Etihad Credit Insurance (ECI) has taken a pioneering step by becoming the first insurer in the UAE to join the KYC Blockchain Platform. This move strengthens KYC compliance, improves data accuracy, and enhances financial transparency. Spearheaded by the Dubai Department of Economy and Tourism (DET), this initiative demonstrates the UAE’s commitment to digital transformation and regulatory efficiency.
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A Milestone for the Insurance Sector
In a significant industry-first, Etihad Credit Insurance has joined the KYC Blockchain Platform, which is designed to streamline regulatory processes while bolstering financial security. The platform, launched by DET, serves as a reliable ecosystem for sharing and validating customer data efficiently across financial institutions. By participating in this initiative, ECI aims to optimize its service delivery, improve risk assessment, and support businesses engaged in UAE exports.
Her Excellency Raja Al Mazrouei, CEO of ECI, expressed enthusiasm about the development:
“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.”
She further emphasized ECI’s dedication to leveraging cutting-edge technologies, which enhance operational efficiency and accelerate processes, ultimately benefiting a broader network of businesses involved in international trade.
Strengthening Financial Security Through Blockchain
KYC (Know Your Customer) compliance has long been a critical requirement in financial and insurance sectors. However, traditional KYC processes often involve time-consuming, redundant data collection. The blockchain-powered platform eliminates these inefficiencies by creating a single source of verified customer information, which can be securely accessed by authorized institutions.
Ahmad AlFalasi, CEO of DBLC at DET, underscored the strategic importance of ECI’s participation:
“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.”
By allowing seamless company KYC data sharing and validation, the blockchain-based platform strengthens regulatory oversight while ensuring transparency across financial transactions. The initiative also aligns with Dubai’s ambition to become a global leader in digital finance and business regulation.
Enhancing Data Integrity & Fighting Financial Crime
Data integrity plays a pivotal role in compliance and fraud prevention. Astyanax Kanakakis, CEO and co-founder of norbloc, the company behind the blockchain infrastructure, highlighted the benefits of blockchain-based KYC:
“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.”
By ensuring that financial institutions operate with accurate, tamper-proof data, the platform mitigates risks related to money laundering, identity fraud, and other illicit activities. As participation in the network grows, regulatory agencies and financial service providers can collaborate more effectively to safeguard the UAE’s financial ecosystem.
Transforming Customer Experiences with Innovation
The integration of blockchain into KYC compliance isn’t just about regulatory improvements—it also enhances customer experiences. The platform leverages norbloc’s Fides solution, allowing banks and financial institutions to access reliable customer data without redundant documentation requests.
This development translates into faster account openings, simplified verification procedures, and greater financial inclusion. Customers benefit from:
- Reduced onboarding time due to instant access to verified data
- Seamless, consent-driven data sharing across institutions
- Confidentiality and security through encrypted blockchain transactions
Since its launch in 2020, the DET-led KYC Blockchain Platform has expanded to include major financial entities in the UAE. With ECI’s participation, the insurance sector now stands to gain from the efficiencies and security enhancements of blockchain technology.
Conclusion: A Step Toward the Future of KYC Compliance
Etihad Credit Insurance’s decision to join the UAE’s KYC Blockchain Platform is more than just a technological shift—it represents a paradigm change in how KYC compliance is managed. By embracing blockchain, ECI strengthens its regulatory framework while improving customer experiences.
As Dubai continues to position itself as a hub for digital innovation and financial integrity, initiatives like the KYC Blockchain Platform will play an essential role in shaping the future of global business transparency. With the insurance sector now actively engaged, the platform’s impact will only grow, reinforcing the UAE’s status as a trusted global financial center.
Related Links
- Dubai Department of Economy and Tourism – Official Website
- Etihad Credit Insurance – Official Website
- norbloc’s Fides Solution
- UAE Government – Blockchain Strategy
- Financial Action Task Force (FATF) Guidelines on KYC
Other FinCrime Central News Stories about the UAE
- UAE and France Strengthen Cooperation to Boost International Economic Security
- UAE-Italy Strategic Partnership in Fighting Financial Crimes
- UAE’s General Secretariat Strengthens AML Leadership
- The 7th UAE-EU Structural Dialogue Unveils Bold Progress on AML Efforts
Source: Economy Middle East
