Dubai: Al Fardan Exchange LLC, the leading money transfer and foreign exchange company licensed and regulated by the Central Bank of the United Arab Emirates, has announced a collaboration with the Ministry of Interior (MoI).
The deal includes the launch of a comprehensive digital KYC journey that uses next-age facial recognition technology to onboard new customers to Al Fardan Exchange’s recently launched mobile application, AlfaPay.
Al Faradan Exchange strategically aligns with MOI to implement eKYC, enhanced by MOI’s Digital Face Verification Gateway service, to provide intuitive, accurate and highly secure verification of face matching, which ultimately eliminates the need for new customers to physically go to a branch to complete the process.
Speaking on the success of the collaboration, Fardan Al Fardan, Chairman of Al Fardan Group, said, “It is a proud moment to be able to announce this new collaboration. Customer experience has always been a key operating principle for us, and it’s amazing to see the innovative ways technology is enabling us to take the lead in delivering the best to our customers.”
“The eKYC service, in line with UAE government guidelines to promote digital services, uses the MOI digital verification gateway service, which is powered by state-of-the-art artificial intelligence (AI) systems, and strengthens our armor against cyber threats,” he added.
Lt. Col. Dr. Ahmed Saeed Al Shamsi, Head of the Artificial Intelligence Systems and Services Development Team at the General Directorate of Security Support, Ministry of Interior, pointed out that the ministry, in line with UAE government guidelines, seeks to use and invest in modern systems. technologies to innovate in services within the framework of adopting best practices and technologies in digital services, adding that the Ministry of Interior has developed the authentication portal using facial recognition at work to improve the pioneering work of the government.
“We look forward to collaborating with this national institution to provide facial recognition for digital authentication that contributes to the achievement of the UAE’s digital agenda and helps build a safe and secure digital society that will ultimately provide more impactful services. in the financial and banking sectors, thus providing nationals and residents with a seamless experience in line with the Ministry of Interior’s efforts to improve the efficiency of services in order to make them more accurate, faster and more secure”, a- he noted.
The MOI facial recognition project started in 2007 with the vision of developing a reliable and secure way to verify the identity of people remotely. In 2021, the MOI digital verification gateway service was launched and provides sophisticated AI-based secure solutions to verify identity remotely, which is in line with the UAE’s digital transformation policies and strategies and is considered an outstanding model in the world.