The Central Bank of the UAE has announced the launch of a unified digital "Know Your Customer" (e-KYC) platform across the country. This strategic initiative is a cornerstone of the Financial Infrastructure Transformation (FIT) program, aimed at developing an integrated financial system to enhance operational efficiency.
The Central Bank signed a technical partnership agreement with the global company "Norpak AB" to develop this platform. The signing ceremony was attended by Khaled Mohamed Almeaimar, Governor of the Central Bank of the UAE, and Ahmed Al Kamzi, Assistant Governor for the Banking Control and Insurance sector.
The new platform will improve the efficiency of "Know Your Customer" (KYC/KYB) procedures and due diligence requirements through automation and data integration, thereby enhancing compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) frameworks.
The platform is built on a technical architecture that prioritizes data privacy, allowing data sharing only with explicit client consent, ensuring the highest levels of confidentiality and trust within the financial system.
It also provides a unified national approach for financial institutions and fintech companies, offering a faster and more reliable digital onboarding experience for individuals and corporations, which reduces processing times and operational costs.
This project marks a pivotal step in the digital transformation of the country's financial sector. Future plans include expanding the platform's use and enhancing its integration with various stakeholders to develop an advanced and sustainable digital financial ecosystem.
"The development of the digital e-KYC platform represents a strategic shift towards a more efficient and agile financial system," said Saif Humid Alzahiri, Assistant Governor for Banking Operations and Support Services. "We are moving the sector from intensive traditional procedures to advanced digital models that accelerate financial service onboarding and reduce operational costs. The Central Bank aims to boost efficiency and establish a financial environment characterized by transparency and customer data protection, reinforcing the UAE's position as a leading global financial hub."
"We are proud of our partnership with the Central Bank of the UAE to implement this platform, which sets a new global standard in digital compliance," said Asteinax Kanakis, CEO of "Norpak AB." "By employing advanced technologies, we enable financial institutions to gain instant access to reliable and secure data from multiple sources, providing users with full control over data access management, which enhances operational efficiency and ensures adherence to the highest international standards."
