Abu dhabi: The Central Bank of the UAE (CBUAE) has announced the development of a nationwide unified Know Your Customer (e-KYC) platform. This development follows the signing of a technical partnership agreement with the global technology company Norbloc AB.
According to Emirates News Agency, this strategic initiative is a core component of the Financial Infrastructure Transformation (FIT) Programme. The programme aims to create an integrated financial ecosystem that enhances operational efficiency and reflects the CBUAE's commitment to modernising regulatory frameworks and adopting digital solutions. The e-KYC platform is designed to tackle challenges such as the duplication of customer due diligence processes, reduce compliance costs, and strengthen financial stability and competitiveness, reinforcing the UAE's leadership in the digital financial landscape.
The signing ceremony was attended by Khaled Mohamed Balama, Governor of the CBUAE, and Ahmed Saeed Al Qamzi, Assistant Governor for Banking and Insurance Supervision at the CBUAE. The agreement was signed by Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, and Astyanax Kanakakis, Chief Executive Officer of Norbloc AB, in the presence of senior officials from both sides.
The new platform aims to enhance the efficiency of 'Know Your Customer' and 'Know Your Business' (KYC/KYB) processes, along with due diligence requirements through automated workflows and integration of trusted data sources. This will strengthen compliance and ensure alignment with anti-money laundering and combatting the financing of terrorism (AML/CFT) frameworks. It also introduces a unified national approach supporting financial institutions and fintech companies, providing a faster digital onboarding experience while reducing turnaround times and operational costs.
The project marks a significant milestone in the digital transformation of the UAE's financial sector. Future phases will focus on expanding the platform's capabilities and integrating it with relevant stakeholders, supporting the development of a sustainable digital financial ecosystem. The initiative highlights the CBUAE's commitment to enhancing governance, delivering customer-centric financial services, and further establishing the UAE as a hub for innovative digital regulatory infrastructure.
Saif Humaid Al Dhaheri stated, "The development of the e-KYC Platform represents a strategic transformation towards a more efficient and resilient financial ecosystem. Through this platform, we are enabling the sector to move away from resource-intensive traditional processes towards progressive digital models that accelerate access to financial services and reduce operational costs."
Astyanax Kanakakis added, "By leveraging advanced technologies, we will enable financial institutions to access trusted and secure data in real time from multiple sources, enhancing operational efficiency while adhering to the highest international standards. It also empowers users with full control over the management of access to their data."