Publications
Publications
- February 2023
- HBS Case Collection
Astyanax Kanakakis at norbloc: A Founder's Experience with the DIFC Fintech Hive
By: Linda A. Hill and Lydia Begag
Abstract
norbloc was founded in 2016 in Stockholm, Sweden, by Astyanax Kanakakis and his co-founders, Vitalii Demianets and Sam Saatchi. Kanakakis and Demianets got to work to address a key gap in the industry: Know Your Customer (KYC) data sharing. As the first distributed KYC utility in the world, norbloc focused on platforms that connected financial institutions and governments, allowing the auditable sharing of sensitive information with the consent of the owner. norbloc connected with Emirates NBD in 2017 as one of 12 start-up finalists in the first cohort of the Dubai International Financial Centre (DIFC)’s fintech accelerator, known as Fintech Hive (The Hive). After the formal program ended, Kanakakis and Emirates NBD’s leadership joined forces to make a step-change in KYC.
In February 2020, after over two years of negotiating legal agreements, conducting pilots, and reviewing the regulatory implications of the platform, Emirates NBD signed a production agreement with norbloc. After announcing a collaboration with UAE banking players to develop a UAE KYC Blockchain Consortium and scaling norbloc’s internal operations, Kanakakis reflected on how these opportunities all started with the DIFC Fintech Hive accelerator program.
In February 2020, after over two years of negotiating legal agreements, conducting pilots, and reviewing the regulatory implications of the platform, Emirates NBD signed a production agreement with norbloc. After announcing a collaboration with UAE banking players to develop a UAE KYC Blockchain Consortium and scaling norbloc’s internal operations, Kanakakis reflected on how these opportunities all started with the DIFC Fintech Hive accelerator program.
Keywords
Organizational Change and Adaptation; Organizational Design; Organizational Culture; Organizational Structure; Organizations; Leadership; Leadership Development; Leadership Style; Collaborative Innovation and Invention; Digital Transformation; Digital Strategy; Digital Platforms; Technology Adoption; Technological Innovation; Corporate Entrepreneurship; Business and Government Relations; Business Startups; Financial Services Industry; Technology Industry; Banking Industry; Information Technology Industry; Sweden; Europe; Singapore; London; United Arab Emirates; Dubai; Middle East; Athens; Greece
Citation
Hill, Linda A., and Lydia Begag. "Astyanax Kanakakis at norbloc: A Founder's Experience with the DIFC Fintech Hive." Harvard Business School Supplement 423-066, February 2023.