UAE To Roll Out Unified E-KYC Platform To Speed Up Bank Services, Cut Paperwork

(MENAFN- Khaleej Times) The Central Bank of the UAE (CBUAE) has launched a nationwide digital identity verification platform that promises to make opening bank accounts, accessing financial services and completing compliance checks faster and simpler for customers across the country.

The new unified electronic Know Your Customer (e-KYC) platform, developed in partnership with Norbloc AB, is a key component of the regulator's Financial Infrastructure Transformation (FIT) Programme aimed at modernising the UAE's financial system and strengthening its global competitiveness.

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In simple terms, the platform will allow banks, fintech firms and other regulated entities to verify customers' identities digitally through a single secure system instead of repeatedly requesting the same documents each time a person applies for a service.

For customers, this means fewer forms to fill, less paperwork to submit and significantly shorter waiting times when opening accounts, applying for loans, or accessing digital financial services.

Currently, individuals and companies often have to provide the same identification documents separately to multiple banks and service providers. The unified platform eliminates this duplication by enabling institutions to access verified data securely - but only with the customer's consent.

Saif Humaid Al Dhaheri, assistant governor for Banking Operations and Support Services at the Central Bank, said the initiative marks a major step towards faster and more efficient financial services.

“The development of the e-KYC platform represents a strategic transformation towards a more efficient and resilient financial ecosystem,” he said.“It will accelerate access to financial services, reduce operational costs and strengthen transparency while protecting customer privacy.”

The platform will also support Know Your Business (KYB) processes, making it easier for companies - particularly start-ups and small businesses - to open corporate accounts and begin operations more quickly. This is expected to improve the overall ease of doing business in the UAE and support entrepreneurship.

Another major benefit is stronger protection against financial crime. By integrating trusted national data sources and automating verification procedures, the platform will help banks meet anti-money laundering and counter-terrorism financing requirements more efficiently while improving accuracy and reliability.

Importantly, the system has been designed with strict privacy safeguards. Customers will retain full control over how their personal information is shared, and institutions can access data only with explicit permission.

Astyanax Kanakakis, chief executive officer of Norbloc AB, said the platform will enable financial institutions to securely access verified information in real time from multiple trusted sources.

“This initiative sets a new benchmark in digital compliance globally and empowers users with full control over access to their data,” he said.

Beyond convenience for customers, the initiative is expected to reduce compliance costs for banks and financial institutions by replacing manual checks with automated workflows. These savings could translate into faster service delivery and more competitive financial products over time.

The unified platform also supports the UAE's broader ambition to strengthen its position as a leading international financial and fintech hub by building advanced regulatory infrastructure that matches global best practices.

Future phases of the project will expand the system's capabilities and deepen integration with additional government and private-sector entities, creating a more connected and seamless digital financial ecosystem across the country.

Once fully implemented, the e-KYC platform is expected to transform how residents and businesses interact with banks - making financial services quicker, safer and easier to access nationwide.

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