The UAE's federal export credit company, Etihad Credit Insurance (ECI), has become the first insurer in the country to join the KYC blockchain platform. The initiative improves KYC compliance, customer data quality, and supports future growth of the network and is led by the Dubai Department of Economy and Tourism (DET).
The blockchain platform 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.
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.
Speaking to Arab News, ECI CEO Raja Al Mazrouei said that they are pleased to be the first export credit agency to join the UAE’s KYC platform. “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,” she said.