Central Bank and Emirates ID look to enhance co-operation, smart card applications

The UAE Central Bank and the Emirates Identity Authority have met to consider enhancing co-operation in regards to using the smart ID card and activating its applications in the financial sector.

The two agencies discussed creating a joint committee to draft a strategic co-operation agreement that includes a number of initiatives aimed at promoting the culture of digital ID and knowledge-based economy, as well as enabling the UAE Central Bank to upgrade the performance of the financial sector while protecting the identity of consumers with the advanced features of the Emirates ID card.

According to a report in The Emirates News Agency, the UAE Central Bank clarified that its draft strategic and operational plan includes an initiative for creating an e-wallet system using the ID card that would ultimately replace cash for the management and operation of the UAE Central Bank.

Emirates ID says it’s ready to provide maximum support to ensure the success of all the development projects and initiatives that are implemented or planned to be implemented, as a part of the government’s initiative to engage in a knowledge-based economy in a manner that serves the top interest of the UAE.
As reported previously in BiometricUpdate.com, official transactions related to Emirates ID cards were disrupted for nearly two days following a technical glitch with its online e-form system.

In 2009, Emirates ID developed a plan which contributed to doubling the number of population register and therefore, the fingerprints of individuals over the past three years by six times.

Article Topics

banking  |  biometric authentication  |  consumer  |  Emirates Identity Authority  |  financial services  |  fingerprint biometrics  |  government  |  Smart ID Cards  |  UAE