The Qatar Central Bank (QCB) issued new eKYC (electronic Know Your Customer procedures) earlier this week, in line with the digital transformation of the financial service industry in the country. The implementation of these eKYC instructions is a pivotal step in Qatar’s financial industry, aiming to streamline customer onboarding, enhance digital security and drive financial innovation.
Using remote verification processes, financial institutions in the country can now digitally onboard individuals without requiring their presence in a physical location. Working towards building a holistic digital environment for the financial services industry, these procedures align with Qatar’s vision to promote a digitised financial ecosystem.
uqudo, MEA’s leading digital identity solution with its unique capabilities of verifying the Qatari ID card, Passport and Driving License, using a combination of AI and machine learning technologies is aligned with the new regulations, enabling fintechs in the country to seamlessly onboard new users.
Along with seamless user onboarding, uqudo’s identity verification platform also enables financial institutions in the country to comply with all of Qatar’s KYC and AML requirements. This not only enhances the security of the financial sector but will also enable enhanced financial innovation in the country.
Providing enhanced identity verification and customer onboarding for key fintech players in the GCC region, uqudo welcomes the new eKYC regulations, which will drive access to financial products and services in Qatar. Mohamed Fagiri, uqudo’s CEO says “We applaud the QCB’s digital-centric approach to identity verification with their new eKYC regulations. The uqudo platform will continue enabling Qatari financial institutions to comply with these new instructions, providing their customers with a seamless and secure digital onboarding experience”.
With uqudo’s identity verification platform seamlessly enabling numerous financial institituins in Qatar to grow and scale, the new eKYC regulations will definitely enhance and accelerate the adoption of digital financial services in the country.
As one of EMEA’s most innovative digital identity companies, uqudo’s mission is to bring trust and transparency in an increasingly digital world by building an identity layer.
Founded by a team of identity experts, uqudo has a long heritage of working with governments and regulators in delivering large-scale, national identity programs. As a natural progression of these successes, uqudo began providing its technology and solutions to banks, telcos, insurance companies, fintechs, startups and more.
uqudo adopts advanced digital identity technology including NIST certified biometrics, liveness detection, NFC-based passport reading, cognitive document analysis, AI and blockchain. This enables users to experience a fast, secure and frictionless onboarding process whilst protecting the organization from fraudulent activities and simultaneously ensuring the organizations are fully compliant with KYC, AML and CDD regulations.
What differentiates uqudo from other identity players in the EMEA region is the capability to verify identities not only in the countries customers operate in but also in those they are planning to expand to in the near future, making uqudo the de-facto option for digital identity.
uqudo’s award-winning tech platform pushes innovation in the world of identity, driving digital transformation on a global scale. uqudo’s market-leading technology has led to awards across the Middle East and Africa and partnerships with global leaders such as VISA, SmartAfrica, PwC, Microsoft and more.