The Central Bank of the UAE is launching a nationwide unified know your customer (KYC) platform.
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The central bank has teamed up with technology firm Norbloc on the project, which it says will support financial institutions and fintechs to deliver faster, more reliable and secure digital onboarding for individuals and businesses, while substantially reducing turnaround times and operational costs.
Saif Humaid Al Dhaheri, assistant Governor for banking operations and support services, says: “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, CEO, Norbloc, adds: “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 for digital identity management by allowing users full management of access to their data.”