The Central Bank of the UAE (CBUAE) has announced the development of a nationwide Know Your Customer (eKYC) platform, following the signing of a partnership agreement with technology company Norbloc AB.
The initiative falls under the CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which aims to build a financial ecosystem across the country.
The platform will address challenges arising from the duplication of customer due diligence processes, reduce compliance costs, and support financial stability and competitiveness in the UAE.
The signing ceremony was witnessed by Khaled Mohamed Balama, Governor of the CBUAE, and Ahmed Saeed Al Qamzi, Assistant Governor for Banking and Insurance Supervision at the CBUAE.
The agreement was signed by Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, and Astyanax Kanakakis, Chief Executive Officer of Norbloc AB, in the presence of officials from both sides.
How the eKYC platform will work
The platform will cover Know Your Customer and Know Your Business (KYC/KYB) processes, as well as due diligence requirements through workflows and the integration of data sources.
The CBUAE said this would strengthen compliance and ensure alignment with anti-money laundering and combatting the financing of terrorism (AML/CFT) frameworks.
The platform uses privacy-by-design technology, enabling data sharing based on customer consent. The CBUAE said this would ensure standards of confidentiality and data protection across the financial system.
Banks and fintechs to benefit from unified approach
The platform introduces a nationwide approach that supports both financial institutions and fintech companies. It is designed to deliver a faster onboarding experience for individuals and businesses, while reducing turnaround times and costs.
The CBUAE said future phases would focus on expanding the platform’s capabilities and deepening its integration with stakeholders.
“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,” Al Dhaheri said in a statement.
He added that the CBUAE aims to establish a financial environment characterised by transparency and the protection of customer privacy, in a way that reinforces the UAE’s competitiveness as a financial centre.
“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,” Kanakakis added.
The initiative reflects the CBUAE’s commitment to using technology to support governance, deliver financial services, support ease of doing business, and position the UAE as a hub for regulatory infrastructure.
