Abu Dhabi, UAE – The Central Bank of the United Arab Emirates announced the start of developing the unified digital “Know Your Customer” (e-KYC) platform across the UAE. This is achieved by signing a technical partnership agreement with the global company “Norblock AB”.
The bank explained that this strategic initiative is a fundamental pillar within the Financial Infrastructure Transformation Program (FIT). With the aim of developing an integrated financial system that increases the efficiency of operational operations.
The project embodies the central bank’s commitment to modernizing regulatory frameworks and adopting advanced digital solutions. This contributes to addressing the challenges of duplicating customer identification procedures and reducing compliance costs. Consolidating the country’s stability and competitiveness and enhancing its global leadership in the digital financial landscape.
Reliable data integration
The new platform contributes to developing the efficiency of Know Your Customer (KYC/KYB) procedures and due diligence requirements. Through process automation and reliable data integration. To enhance compliance and be consistent with frameworks for combating money laundering and countering the financing of terrorism.
The platform relies on a technical architecture that puts privacy protection at the forefront. It allows data to be shared based on explicit authorization from the client, ensuring the highest levels of confidentiality and trust in the financial system.
The platform also provides a unified national approach that serves financial institutions and fintech companies, and provides a faster and more reliable digital joining experience for individuals and companies. Which contributes to reducing time periods and reducing operational costs.
key step
This project represents a pivotal step in the digital transformation of the financial sector in the UAE. With future directions to expand the scope of use of the platform and enhance its integration with various stakeholders. Which contributes to developing an advanced and sustainable digital financial system.
This reflects the Central Bank’s commitment to employing advanced technologies to enhance governance and develop transactional financial services. This supports the ease of doing business and consolidates the UAE’s position as a leading global financial center. Supported by an advanced digital regulatory infrastructure.
