norbloc is a RegTech company founded in Stockholm in 2016 and has since received worldwide recognition as the first and only company to have successfully created and implemented a large scale Know-Your-Customer (KYC) data sharing utility. Τhis KYC utility, the UAE KYC Blockchain Platform, has been live since February 2020 in Dubai, United Arab Emirates. The platform is made up of 14 participating members, including banks and governmental bodies and carries more than 450,000 corporate customer files. This endeavor has been singled out by Moody’s credit rating agency in a 2020 report as being highly positive for the stability of the financial space.
Essentially norbloc’s platforms connect financial institutions as well as government organizations and allow their new clients to create an electronic portfolio which they can then share with any organization they wish that participates in the network. The customer gives and updates their details only once regardless of the number of financial institutions they work with.
As a result, the duration of the entire customer identification process for both customers and banks is reduced by >60%. The costs involved in KYC and AML is reduced and the potential risks associated with due diligence are eliminated. Moreover, as the solution is customer-centric, the bank customer is in control of their personal data, along with access management, thus there is heightened transparency in line with the GDPR.
norbloc has stepped into 2023 having just been recognized with three very important awards:
- The best ID Management Solution of the year at the Finovate Awards in New York
- The MAS Global Fintech Hackcelerator 2022 award for norbloc’s Fides solution at the Singapore Fintech Festival 2022, organized by the Monetary Authority of Singapore and Oliver Wyman
- Recognition as one of the Top 20 KYC Solution Providers 2022 by Icon Outlook, as an honorary distinction for the quality of its solutions.
After the success in the Middle East, norbloc is now in advanced discussions with central banks and organizations to establish KYC networks in 4 more countries. The creation of personal and corporate data sharing networks between banks and governmental institutions is expected to be implemented in at least three countries within the next two years.
Read the article original in Greek: Netweek Issue 464