Al Fardan Exchange L.L.C announces the collaboration with the Ministry of Interior, UAE to implement a complete digital KYC journey on its AlfaPay mobile App
UAE, 18 October 2022 – 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 (UAE), has announced a collaboration with the Ministry of Interior, UAE.
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, Mr. 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, emphasized 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. MOI developed the authentication portal using facial recognition at work to enhance pioneer government work.
He added, “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.”
The 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 is in line with the UAE’s digital transformation policies and strategies and is considered an exceptional model around the world.
For information on the partnership or to download AlfaPay, now available download on Android and Apple Devices, please visit us at alfardanexchange.com/
About Al Fardan Exchange
Al Fardan Exchange is a member of the Al Fardan Group, which has roots stretching back to 1954. Emerging from a seafaring and pearl trading tradition to a commercial trade, the Al Fardan name is built on a solid bedrock of security and reliability. Leveraging on the Group’s diversified business interests and successful operations in real estate, high-end jewellery and financial services, Al Fardan Exchange holds global reach with trust and credibility as its main ethics.
Established in 1971, Al Fardan Exchange has had the unique opportunity of playing a part in supporting communities who have helped build this nation, by helping them bring life to their own dreams – both here and in their home countries. Today, we are incredibly proud to serve the UAE’s cosmopolitan community through our 80+ strong network, spanning across all Emirates. Reinforced by strong relationships with over 150 global corresponding banks, financial institutions, and other financial service providers, we offer secure transactions that firmly place reliability and trust in the forefront.
To learn more about Al Fardan Exchange, visit alfardanexchange.com