Al Fardan Exchange L.L.C, the leading money transfer and currency exchange firm which is licensed and regulated by the Central Bank of the United Arab Emirates, has announced a collaboration with the Ministry of Interior (MoI).
The agreement sees the launch of a complete digital KYC journey that uses new-age facial recognition technology to onboard new customers onto Al Fardan Exchange’s recently launched mobile application, AlfaPay.
Al Faradan Exchange strategically aligns with MOI to implement the eKYC, enhanced by MOI’s digital verification face gateway service, to ensure intuitive, accurate and highly secure face matching verification which eventually eliminates the need for new customers to physically visit 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 tenet for us, and it is amazing to see the innovative ways technology enables us to take the lead in providing the very best for our customers."
“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 armour against cybercrime threats.”
Lt. Colonel Dr. Ahmed Saeed Al Shamsi, Head of the Artificial Intelligence Systems and Services Development Team at The General Directorate of Security Support at MOI, emphasised that the Ministry, in line with the UAE government guidelines, seeks to use and invest in modern technologies to innovate services as part of adopting best practices and technologies in digital services, adding that MOI developed the authentication portal using facial recognition at work to enhance pioneer government work.
“We look forward to collaborate with this national institution to provide facial recognition for digital authentication that contribute to achieve UAE digital agenda and help in building safe and secure digital society which eventually will provide more impactful services in the financial and banking sectors thus offering nationals and residents a seamless experience in line with MOI efforts to enhance service efficiency to make them more accurate, faster and more secure,”
MOI Facial recognition project started in 2007 with a vision to develop a trusted and secure way to verify people identity remotely. In 2021, MOI digital verification face gateway service was launched and provides sophisticated secure AI-based solutions to verify identity remotely which in line with the UAE’s digital transformation policies and strategies and is considered an exceptional model around the world.
News Source: Emirates News Agency