DUBAI, UAE – LuLu Exchange – one of UAE’s leading financial service providers, announced that it has signed an agreement with the country’s Ministry of Interior to launch a digital KYC process through new-age facial recognition on its cross-border payments app, LuLu Money.
The latest initiative marks another milestone in Lulu Exchange efforts to streamline customers’ experience, perform instant and highly secure face matching verification.
This will now allow customers to experience end-to-end digital remittance services, eliminating the need to physically visit a branch for initial KYC verification and onboarding.
Adeeb Ahamed, MD, LuLu Financial group, said, “The collaboration with the UAE Ministry of Interior and the imminent rollout of digital KYC on LuLu Money is a quantum leap in our digital transformation journey.”
He said, “By offering a fully integrated digital payment process our fintech propositions are aligned with the UAE’s Digital Economy Strategy and its efforts to transform the financial services ecosystem.”
He added, “The use of the digital verification face gateway service will help make financial transactions more secure and allow us to build better processes along the entire customer journey online.”
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, stated, “The Ministry is keen to provide advanced services in accordance with the directives of the UAE government and the vision of its judicious leadership.”
He said, “It adopts the best new digital technologies based on artificial intelligence and future foresight sciences based on forward-looking visions that recognize tomorrow’s challenges and try to find proactive solutions.”
Al Shamsi said that the face ID verification and authentication service, an advanced digital authentication portal, aims to provide digital solutions that helps to achieve the digital agenda of the UAE.
This measure is in line with the efforts of the Ministry of Interior to enhance the efficiency of services the digital transformation process and the well-being of the Emirati community.
The UAE records one of the world’s largest international outward remittances volumes each year.
The number of users in the digital remittance field is expected to reach 1.4 million users by 2027.
This is largely due to advancing regulatory reform, world-class infrastructure, mobile and internet penetration and active partnerships among various stakeholders.