Dubai: UAE-based financial services pioneer, Al Fardan Exchange, authorized and governed by the Central Bank of the United Arab Emirates (CBUAE) has partnered with the Ministry of Interior (MoI).
The agreement expects the start of full digital KYC (know your customer) process, utilizing modern facial recognition technology to onboard new clients onto AlfaPay, the recently released mobile application from Al Fardan Exchange.
Al Faradan Exchange and MOI are strategically aligned to enforce the eKYC, improved by MOI’s digital verification face gateway service, to ensure simple, accurate, and highly secure face matching verification, ultimately to remove the requirement for new customers to physically visit a branch to finish the process.
The Al Fardan Group Chairman further added that, “The eKYC service, in line with the UAE Government’s directives to promote digital services, uses the MOI digital verification face gateway service, which is powered by state-of-the-art Artificial Intelligence (AI) systems, and enhances our armor against cybercrime threats.”
Initiated in 2007, the MOI Facial Recognition Project intends to create a reliable and safe method for remotely verifying a person’s identity.
The MOI digital verification face gateway service, which was introduced in 2021, offers advanced, secure AI-based solutions for remotely authenticating identity in accordance with the UAE’s digital transformation policies and plans, is regarded as a world class example.