“Export Credit Credit” joins “Know your customer”

Al -Ittihad Export Credit Company announced yesterday that it had joined, as the first company in its field, to the customer exchange platform “Know your customer” (KYC) based on the “Blockchain” technology.

The platform is an initiative led by the Department of Economy and Tourism in Dubai, and aims to facilitate business practice, enhance companies comply with the criteria “Know your customer”, in addition to improving the quality of customer data in the country, and enhancing the future expansion of the “Know your customer” network and using it as a reliable system of customer data.

Raja Al Mazrouei, CEO of Al -Ittihad Credit, said: “We are proud to be the first export credit company that joins the platform (I know your customer) in the UAE, as this step is a qualitative shift due to the efficiency of this system in improving the verification of customers’ identity and unifying its procedures Depending on the technique of (Blockchain).

For his part, the Executive Director of the Dubai Registration and Commercial Licensing Corporation, one of the institutions of the Department of Economy and Tourism in Dubai, Ahmed Al -Falasi said: “We are pleased to welcome Al -Ittihad Export Credit Company as the first insurance institution to join the platform (I know your customer), where this step embodies the company’s commitment to increased the smoothness of the work of business And enhance compliance criteria for the requirements (Know your customer).

He added that «this platform works to facilitate access to banking, financial and insurance services, enhance organizational cooperation and ensure strict compliance with its standards.

In turn, the CEO and co -founder of the company “Norblock”, Astunx Kanakis, said, “The transmission of dealers’ data (I know your customer) allow a unified version of every customer file, to improve the quality of data, enhance transparency and support the efforts of institutions in the face of financial crimes, simplify data exchange and facilitate Cooperation », noting that the platform uses FIDES technology from Norblock. It is noteworthy that the Department of Economy and Tourism in Dubai launched the customer data exchange platform “Know your customer” based on the “Blockchain” technology in 2020 with the aim of facilitating the transfer and exchange of data between various companies and banks in the emirate, in partnership with a group of founding member banks.