Abu Dhabi: The UAE Central Bank is developing a nationwide unified Know Your Customer (eKYC) platform, following the signing of a technical partnership agreement with the global technology company Norbloc AB.The platform will address challenges arising from the duplication of customer due diligence processes, reduce compliance costs, and strengthen financial stability and competitiveness, further reinforcing the UAE’s leadership in the global digital financial landscape.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. This will strengthen compliance and ensure alignment with anti-money laundering and combating the financing of terrorism (AML/CFT) frameworks.More UAE banks now tighten security with biometrics logins, AI fraud checks Underpinned by 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.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.It was signed by Saif Humaid Al Dhaheri, assistant governor for banking operations and support services at the CBUAE, and Astyanax Kanakakis, CEO of Norbloc AB.UAE Central Bank launches world’s first sovereign financial cloud platformThe new process 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.“The development of the e-KYC Platform represents a strategic transformation towards a more efficient and resilient financial ecosystem," said Al Dhaheri.

"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."Kanakakis stated, “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.”