MoI and Lulu Money collaborate to deploy digital KYC service
By Leandra Monteiro
LuLu Exchange, a financial service provider in the UAE, has announced its collaboration with the Ministry of Interior to deploy a complete digital KYC journey through new-age facial recognition on its cross-border payments app, LuLu Money.
Lulu Exchange’s latest initiative streamlines customers’ experience by performing instant, highly secure face-matching verification. This allows customers to experience end-to-end digital remittance services, eliminating the need to physically visit a branch for initial KYC verification and onboarding.
Speaking about the collaboration, Adeeb Ahamed, MD, LuLu Financial Group, said, “The collaboration with the UAE Ministry of Interior is a quantum leap in our digital transformation journey. 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. 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. It adopts the best new digital technologies based on artificial intelligence and future foresight sciences based on forward-looking visions that recognise tomorrow’s challenges and try to find proactive solutions.”
Al Shamsi pointed out that the face ID verification and authentication service, an advanced digital authentication portal, aims to provide digital solutions that help to achieve the digital agenda of the UAE, in line with the efforts of the Ministry of Interior to enhance the efficiency of services and the well-being of the Emirati community and build and enhance the enablers of the digital transformation process.
“The Ministry of Interior has used state-of-the-art technologies to develop services in an innovative way, as the Ministry worked to develop the face advanced digital authentication portal by deploying it in the practical and institutional fields as well as work development. By deploying this technology, it enhanced the pioneering government work process by providing smart services that exceed customers’ expectations and cater for their needs,” he explained.
IBSi Daily News Analysis
March 01, 2024
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