Central Bank of UAE launches blockchain KYC platform with Norbloc

The Central Bank of the UAE (CBUAE) has developed a nationwide unified blockchain Know Your Customer (e-KYC) platform, and AML solution, in partnership with the global technology company Norbloc AB.

Norbloc is a Swedish regulatory technology (RegTech) firm founded in 2016 that specializes in blockchain-based Know Your Customer (KYC) and anti-money laundering (AML) solutions.

As per the press release, this strategic initiative constitutes a core pillar of the Financial Infrastructure Transformation (FIT) Program, which aims to build an integrated financial ecosystem that enhances operational efficiency.

The implementation is part of UAE’s Central Bank modernization efforts and solutions to challenges arising from the duplication of customer due diligence processes. The Central Bank of UAE has been modernizing its regulatory frameworks as its adopts digital solutions.

The platform will address challenges arising from the duplication of customer due diligence processes, reduce compliance costs, and strengthen financial stability and competitiveness.

The agreement was signed by H.E. Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, and Mr Astyanax Kanakakis, Chief Executive Officer of Norbloc
AB, in the presence of senior officials from both sides.

The Blockchain enabled platform will enhance KYC and KYB processess

The new platform will enhance the efficiency of “Know Your Customer” and “Know Your Business” (KYC/KYB) processes, as well as due diligence requirements through automated workflows and the integration of trusted data sources.

Accordingly compliance and alignment with anti-money laundering anti-terrorism will be ensured through a robust privacy by design technology.
The platform enables secure data sharing strictly based on explicit customer consent, ensuring the highest standards of confidentiality, data protection and trust across the financial system. It introduces a unified national approach that supports both financial institutions and fintech companies, delivering a faster and more reliable digital onboarding experience for individuals and businesses, while substantially reducing turnaround times and operational costs.

In the future, the platform will deepen integration with relevant stakeholders, while supporting development of an advanced and sustainable digital financial ecosystem.

The initiative underscores the CBUAE’s commitment to leveraging advanced technologies to enhance governance, deliver customer-centric financial services, support ease of doing business, and further cement the UAE’s position as a hub for innovative digital regulatory infrastructure.

H.E. Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, noted that the development of the e-KYC Platform represents a strategic transformation towards a more efficient and resilient financial ecosystem. He stated, “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.”

Mr Astyanax Kanakakis, Chief Executive Officer of Norbloc AB, added, “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.”

On Linkedin Kanakakis added that Norbloc has spent years building Fides, the technology powering this initiative, the only distributed KYC utility in production globally. He notes, “Seeing it adopted as national infrastructure by one of the region’s most forward-thinking regulators is a milestone for the entire team.”

THe notes that this is a commitment by the CBUAE to reduce duplication, strengthen AML/CFT compliance, and make financial services faster, safer, and more accessible for more than 10 million individuals and companies.

The announcement comes as the UAE is set to implement AED stablecoins and launch its AED CBDC. 84% of all illicit virtual asset transaction volume now flows through stablecoins.

Norbloc Fides has expanded to more than just Department of Economy and Tourism (DET)

In years prior Norbloc has been working with the banking sector in the UAE. The project was launched in February 2020. In 2021, the Blockchain KYC Fides Platform built by Norbloc for both Dubai Economy and DIFC became one platform for the entire UAE. Dubai Economy and Dubai International Financial Centre (DIFC) Authority agreed to consolidate efforts and expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC Platform, making it the first such platform in the region.

In 2023, 10 banks had become part of Norbloc’s KYC platform. All these efforts have no culminated in the signing with the Central Bank of the UAE.