The Central Bank of the UAE (CBUAE) has announced it is developing a nationwide electronic Know Your Customer (e-KYC) platform in partnership with Swedish regtech firm Norbloc. The move is part of a broader push to modernize the country’s financial infrastructure and streamline operations for banks and fintech companies.
Quick Facts
- Aims to unify KYC and KYB processes nationally.
- Part of the UAE’s Financial Infrastructure Transformation (FIT) Programme.
- Designed to reduce compliance costs and onboarding times.
Modernizing UAE’s Financial Infrastructure
This initiative is a key component of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which is designed to build a more integrated and efficient financial ecosystem. The new e-KYC platform targets a major pain point for the sector: redundant customer due diligence processes.
By creating a single, unified system, the central bank aims to eliminate duplication, slash compliance costs, and simplify the Know Your Customer (KYC) and Know Your Business (KYB) procedures that are critical for regulatory adherence.
How the Platform Will Work
The platform will utilize automated workflows and integrate data from trusted sources to bolster compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations.
Built with a privacy-by-design approach, the system ensures that data sharing occurs only with explicit customer consent. This maintains high standards of confidentiality and data protection while significantly improving the onboarding experience for both individuals and businesses. The expected result is a sharp reduction in turnaround times and operational expenses for financial institutions and fintech firms across the UAE.
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, commented on the strategic shift.
“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,” said Al Dhaheri.
Astyanax Kanakakis, CEO of Norbloc, highlighted the technological foundation of the project.
“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,” Kanakakis stated.
About The Central Bank of the UAE (CBUAE)
The Central Bank of the UAE is the primary regulatory body for the nation’s financial and banking sector. It is responsible for promoting monetary and financial stability, managing foreign reserves, and overseeing the country’s payment systems and financial infrastructure.
About Norbloc
Norbloc is a Swedish technology company that builds enterprise-grade platforms for financial institutions. The company specializes in creating shared KYC and KYB utilities that help organizations manage regulatory compliance, streamline data sharing, and improve operational efficiency.
Source: Fintech News UAE
