Al Fardan Exchange L.L.C announces the collaboration with the Ministry of Interior, UAE

 Al Fardan Exchange L.L.C announces the collaboration with the Ministry of Interior, UAE to implement a complete digital KYC journey on its Alfa Pay mobile App

UAE, 18 October 2022 – Al Fardan Exchange L.L.C, the leading money transfer and currencyexchange firm which is licensed and regulated by the Central Bank of the United Arab Emirates(UAE),hasannounced acollaboration withtheMinistryofInterior,UAE.

 

The agreement sees the launch of a complete digital KYC journey that uses new-age facialrecognition technology to onboard new customers onto Al Fardan Exchange’s recently launchedmobile application,AlfaPay.

 

Al Faradan Exchange strategically aligns with MOI to implement the eKYC, enhanced by MOI’sdigital verification face gateway service, to ensure intuitive, accurate and highly secure facematchingverificationwhicheventuallyeliminatestheneedfornewcustomerstophysicallyvisitabranchto completetheprocess.

 

Speakingonthesuccessofthecollaboration,Mr.FardanAlFardan,ChairmanofAlFardanGroupsaid: “It is a proud moment to be able to announce this new collaboration. Customer experiencehas always been a key operating tenet for us, and it is amazing to see the innovative waystechnology enables us to take the lead in providing the very best for our customers. The eKYCservice, in line with the UAE Government’s directives to promote digital services, uses the MOIdigitalverificationfacegatewayservice,whichispoweredbystate-of-the-artArtificialIntelligence(AI)systems,and enhances our armour againstcybercrimethreats.”

 

Lt.ColonelDr.AhmedSaeedAlShamsi,HeadoftheArtificialIntelligenceSystemsandServicesDevelopment Team at The General Directorate of Security Support at MOI, emphasized that theMinistry,in linewith theUAEgovernmentguidelines,seeks to use andinvestin moderntechnologies to innovate services as part of adopting best practices and technologies in digitalservices. MOI developed the authentication portal using facial recognition at work to enhancepioneer governmentwork.

 

Headded,"Welookforwardtocollaboratewiththisnationalinstitutiontoprovidefacialrecognitionfor digital authentication that contribute to achieve UAE digital agenda and help in building safeand secure digital society which eventually will provide more impactful services in the financialandbankingsectors,thusofferingnationalsandresidentsaseamlessexperienceinlinewithMOIeffortstoenhanceservice efficiencytomakethemmoreaccurate,fasterand moresecure."

 

The MOI Facial recognition project started in 2007 with a vision to develop a trusted and secure wayto verify people identity remotely. In 2021 MOI digital verification face gateway service waslaunched and provides sophisticated secure AI-based solutions to verify identity remotely which is inlinewiththeUAE’sdigitaltransformationpoliciesandstrategiesandisconsideredanexceptional modelaround theworld.

 

For information on the partnership or to download AlfaPay, now available download on AndroidandApple Devices,please visitusatalfardanexchange.com/

 

ENDS

 

 

AboutAl FardanExchange

 

Al Fardan Exchange is a member of the Al Fardan Group, which has roots stretching back to1954.Emergingfromaseafaringandpearltradingtraditiontoacommercialtrade,theAlFardanname is built on a solid bedrock of security and reliability. Leveraging on the Group’s diversifiedbusiness interests and successful operations in real estate, high-end jewellery and financialservices,AlFardanExchangeholdsglobalreachwithtrustandcredibilityas itsmainethics.

 

Established in 1971, Al Fardan Exchange has had the unique opportunity of playing a part insupportingcommunitieswhohavehelpedbuildthisnation,byhelpingthembringlifetotheirowndreams – both here and in their home countries. Today, we are incredibly proud to serve theUAE’s cosmopolitan community through our 80+ strong network, spanning across all Emirates.Reinforcedbystrongrelationshipswithover150globalcorrespondingbanks,financialinstitutions, and other financial service providers, we offer secure transactions that firmly placereliability and trustin theforefront.

 

TolearnmoreaboutAlFardan Exchange,visitalfardanexchange.com