Today’s digital-first world has accelerated the growth of fintechs across geographies. Expanding across domestic and international markets brings immense opportunities, helping fintechs grow their customer base in diverse markets. This, in turn, plays a key role in enhancing financial inclusion, letting unbanked individuals access essential financial products and services.
Tapping into new territories is however not an easy feat for companies across the globe. From challenges relating to complex regulatory requirements and data security laws to the accessibility of necessary technology in new geographies, fintechs have to overcome numerous challenges during their global expansion.
uqudo, MEA’s leading digital company has been working with leading fintechs across the region to help them scale into new territories. Recently recognised by Entrepreneur ME as the best KYC Solution at the Leaders in Fintech Awards 2023, we have facilitated companies’ growth across countries. In the second blog of our three-part series, we cover our unparalleled geographical coverage that makes uqudo’s KYC the best in the region.
Our full-fledged identity verification platform is built to help fintech scale across the MEA’s digital ecosystem. With our rich history of delivering large-scale national identity programs across the region, our digital identity experts have a thorough knowledge of the opportunities and challenges associated with identity verification in MEA.
Not only does our onboarding platform provide unparalleled geography coverage, but our revolutionary technology also ensures that identity verification is fast, customer-centric and secure. This helps organisations seamlessly integrate uqudo’s tech platform into their onboarding journey and enhances overall efficiency.
Why does your fintech need global coverage?
In today’s rapidly evolving digital world, fintechs play a key role in disrupting global ecosystems to enhance the accessibility to financial products. While doing this, fintechs need to expand across different regions to obtain new customers, in order to increase revenue and scale effectively.
While expanding into new territories brings in a whole new customer base for companies, it also helps increase their market share, resulting in an overall increase in revenue. Along with this, operating in different markets enables fintechs to mitigate the risk that may arise in a particular region, by cushioning adverse impacts of regulatory changes or economic imbalances.
Additionally, operating in multiple geographies enhances fintechs’ exposure to new opportunities, which helps to grow their business. By introducing new offerings aligned with their regional markets, fintechs can scale effectively in the fast-changing fintech landscape.
How does uqudo’s unparalleled geographical coverage help fintechs scale?
uqudo’s identity platform’s key strengths lie in our unmatched geographical coverage across the Middle East and Africa. With our unique capabilities to verify identities in over 160 countries, we provide companies in the region with a significant advantage in verifying identities across borders effectively.
Our USP involves verifying identities through a combination of biometrics and government-issued IDs, which lets us verify identities no one else can, across the MEA. In regions where identity cards and databases are available, we use AI technology to capture and verify identity data obtained from NFC chips and government databases. Individual identity is then verified using market-leading facial recognition and liveness detection technologies. In regions where no formal identity document is in use, uqudo uses alternative biometrics to create online identity profiles and connect people to a formal system.
Our AI-powered OCR can extract data from documents in milliseconds, rivalling most OCR technologies, and can
- Read and extract identity data from passports from 198 countries and territories.
- Read and extract identity data from identity documents of 166 countries and territories.
- Read and extract identity data from driving licenses of 166 countries and territories.
Using NFC chips, we can
- Verify NFC chips using digital signatures in passports from 79 countries.
- Verify NFC chips using digital signatures from National IDs from countries that no other provider can including UAE, Oman and Bahrain.
Our unique capability to verify individuals not only in countries where our customers operate but also in those that they are planning to expand in the near future makes us a de-facto option for digital identity verification. Using our customisable digital platform, fintechs can verify identities across various countries, while ensuring compliance with local regulations and reducing the risk of fraud, false positives and identity theft.
How can uqudo help implement your country-specific KYC?
uqudo’s innovative identity verification platform not only ensures fast and secure user onboarding but also checks compliance with country-specific regulatory requirements. Our frictionless solutions can be seamlessly integrated into your onboarding system and save time and money.
Being the best KYC service providers in the region, we enable the seamless integration of crucial onboarding features while attempting to end identity fraud by introducing an identity layer. Every jurisdiction has unique KYC and AML standards, hence uqudo offers an identity management system that is always changing and can be tailored to the needs of the customer.
Our comprehensive digital identity process involves:
- AI Document Scanning: Use our powerful AI document scanner to read and scan identity documents including Passports, national IDs, voter IDs and driving licenses from 248 countries and territories and 98 languages within milliseconds with unparalleled accuracy.
- Biometric face recognition: Verify individuals using our liveness-based facial recognition to protect against stolen identities while delivering a user-friendly onboarding experience.
- Document verification: Once the user is identified, their documents are analysed and verified using NFC chips and government databases.
- Screening: After verifying the customer’s documents, they are screened against sanctions, PEPs and adverse media lists to evaluate risk profiles and check if they are worth doing business with.
- Passwordless login: Once a user has been onboarded, they can log in to digital platforms by simply using their biometrics.
In addition to being a highly reliable and compliant digital identity provider, uqudo’s advanced tech stack can be fully customised to meet your fintech needs.
Interesting, isn’t it? Get in touch with us to learn more.
