Al Ansari Exchange becomes the first Exchange Company in the UAE….

Using new-age facial recognition for onboarding

Al Ansari Exchange becomes the first Exchange Company in the UAE to implement a complete digital KYC journey in collaboration with the Ministry of Interior

Dubai – 11 October 2022: Al Ansari Exchange, in cooperation with the Ministry of Interior (MOI), launched a complete digital KYC journey through new-age facial recognition to onboard new customers onto its mobile application.  The eKYC is enhanced by the MOI digital verification face gateway service ensuring intuitive, accurate and secure identity validation.  The latest initiative marks another milestone in Al Ansari Exchange’s efforts to streamline customers’ experience, making it the first exchange company in UAE to launch a complete eKYC services for customers and perform instant and highly secure face matching verification, eliminating the need for new customers to physically visit a branch to complete the process.

Mohammad Bitar, Deputy CEO of Al Ansari Exchange, stated: “In the current era of digital transformation and innovative technologies and in line with the UAE Governments’ directives to promote digital services, we are pleased to introduce our eKYC services, which will enhance our ecosystem and allow us to better meet the needs of our customers. We have always remained keen on delivering innovative solutions and premium services to ensure high levels of customer satisfaction, security, and convenience. This new initiative uses modern technology to provide our customers with improved levels of security and comfort, draw new users to our extensive network of services, and further consolidate our leadership in the field of remittances and money exchange.”

For his part, Lt. Colonel Dr. Ahmed Saeed Al Shamsi, Head of the Artificial Intelligence Systems and Services Development Team at General Directorate of Security Support, UAE Ministry of Interior said: “The MOI digital verification face Gateway service aims at providing secure trusted digital solutions that aligned with the UAE digital agenda and contribute in building safe secure digital society and in line with Ministry of Interior’s efforts to enhance services’ efficiency to address cybercrime threats.

“The Ministry proactively invests in cutting edge technologies and utilizes them to develop services in a creative manner according to the Government directives to adopt the best technologies in digital services. The MOI has developed the digital verification face gateway service within its work system to enhance the pioneering government work process by providing smart solutions that exceed customer expectations and to maintain the journey of safety and security.” He added.

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.

Artificial Intelligence (AI) has emerged as a vital component in the Al Ansari Exchange ecosystem. AI technology is widely used to detect payment fraud, prevent financial crimes, and improve customer identification and authentication procedures. In addition, the use of biometric identification is now a requirement in many developing nations, in order to combat money laundering. The company’s launch of eKYC services is a response to this vision and is consistent with its efforts to both accelerate digital transformation and raise customer satisfaction.

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