Central Bank of the UAE has launched a unified electronic Know Your Customer platform. Notably, this move follows a strategic partnership with Norbloc AB. As a result, the initiative marks a major step in modernizing financial infrastructure.
Moreover, the agreement forms part of the broader Financial Infrastructure Transformation program. Therefore, it aims to create a more integrated and technology-driven financial system. In turn, the platform seeks to improve efficiency, strengthen compliance, and reduce duplication in due diligence processes. Additionally, it is expected to lower compliance costs while enhancing competitiveness and stability.
Streamlining Compliance and Onboarding
The new platform introduces automated workflows for both KYC and KYB processes. Consequently, financial institutions can access verified data through trusted integrations. Furthermore, the system strengthens compliance with anti-money laundering and counter-terrorism financing frameworks.
At the same time, the platform ensures secure and consent-based data sharing through a privacy-focused design. As a result, institutions can deliver faster and more reliable onboarding for individuals and businesses. Meanwhile, reducing manual tasks helps cut turnaround times and operational costs significantly.
Driving Digital Transformation Forward
Looking ahead, the initiative supports the country’s broader digital transformation strategy. In addition, future phases will expand capabilities and deepen integration with key stakeholders. Therefore, the platform will continue evolving into a more comprehensive financial ecosystem.
“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. At the CBUAE, we aim to enhance efficiency and establish a financial environment characterized by transparency and the protection of customer privacy in a way that reinforces the UAE’s competitiveness as a leading global financial center.” — Saif Humaid Al Dhaheri
Similarly, Astyanax Kanakakis emphasized the platform’s global impact. “We are proud to partner with the Central Bank of the UAE in delivering this platform, which sets a new benchmark in digital compliance globally. 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.”
Source: Technology Express
