• Customers will benefit from faster onboarding and automated KYC renewals
  • The network is powered by Fides, an eKYC solution developed by Swedish fintech company, norbloc, an alumna from the DIFC Fintech Hive 2017 cohort

Dubai, UAE: Al Masraf has announced the launch of a project that will see it connecting to the norbloc Fides platform, a blockchain-based solution that allows for the secure sharing of eKYC data. The network, which has been live since 2020, connects licensing authorities, free zones and financial institutions across the emirates in an ecosystem, where a single version of each customer KYC file is maintained and shared, ensuring that financial institutions always have access to the latest and most up-to-date KYC data.

“Al Masraf is committed to provide best-in-class service to our customers and that means being at the forefront of digitization and making use of the latest technologies that will enable a superior customer service without compromising on data quality, security and regulatory compliance” said Graham FitzGerald, CEO Al Masraf. “Becoming part of the Fides ecosystem allows us to obtain all of these objectives, as well as join other leading financial institutions in making use of this innovative technology. It is an important step with in line with a broader effort to digitize and streamline our customer journeys.”

Al Masraf becomes the 10th bank to join the network which also includes ENBD, HSBC, ADCB and Mashreq Bank to name a few. Licensing authorities and free zones such as DIFC and Ras Al Khaimah Economic Zone participate acting as data providers on the network.

“Al Masraf is an important addition to the Fides platform which greatly benefits from the networking effects of having more institutions connect to it,” said Astyanax Kanakakis, CEO and Co-Founder of nobrloc. “There are currently 15 entities participating in the ecosystem, making it one of the most advanced eKYC utilities globally. Al Masraf is also the first institution to make use of our recently announced SaaS connectivity option, meaning that they will be able to start consuming KYC data in a matter of weeks.” 

About Al Masraf:

Al Masraf has stood in the forefront promoting joint economic ventures among its partners The UAE, Libya & Algeria. By providing world class banking & trade finance services in the gulf region Al Masraf strives to achieve its vision of becoming an innovative and preferred financial partner for all banking services in the region.
For more information please contact: Ms. Muna Harib, muna.harib@almasraf.ae

About norbloc:

norbloc builds blockchain KYC platforms that enable individuals, organizations and regulators to effectively manage and securely share verified Know Your Customer data. Headquartered in Stockholm, Sweden, the team behind norbloc holds significant experience in blockchain technology development and financial services. Financial institutions, governments and licensing authorities across the globe trust norbloc technology to enhance customer onboarding, increase data security and mitigate systemic risk.

For more information please contact: Ms. Fanny Modin, Head of Business Development on +971 55 967 5134 or email fanny@norbloc.com