Mint develops biometric customer onboarding for UAE integrated with national database
United Arab Emirates (UAE)-based Mint Middle East has announced the development of a digital on-boarding solution integrated with the Emirates Identity Authority, which manages the UAE’s national biometric database, for instant electronic Know Your Customer (eKYC) identification.
Mint Middle East is a subsidiary of The Mint Corporation, and believes that the technology gives the company a strategic advantage and save time and cost for on-boarding new customers, ultimately driving faster adoption of the Mint mobile app. The proprietary eKYC solution will also be offered to Mint’s financial institution partners to provide additional revenue.
“Mint is at the forefront of employing eKYC technology in the UAE market. By doing so we are aligning our strategy with the Government’s push for financial transparency by ensuring compliance with regulatory requirements and reducing the possibility of fraud,” said Mint Middle East Chairman and CEO Abul Razzak Al Abdullah. “Mint’s proprietary technology offers a secure, fast and scalable solution enabling real-time validation of biometrics and Emirates ID to identify our customers. The eKYC solution, we believe, will allow Mint to on-board our customers in an efficient manner at scale.”
“Mint is making rapid strides in augmenting its world class fintech platform and is continually enhancing its competitive position in the market place. The roll out of the eKYC digital customer onboarding solution is another example of the strength of the world class team that we have in the UAE,” states The Mint Corporation CEO Vishy Karamadam.
The company also noted the completed sale of $50,000 in promissory notes to close a previously announced private placement.
The UAE is emerging as a robust market for biometrics, with Touché recently announcing a deal to explore fingerprint biometrics for payments with merchant clients of Mashreq Bank and a pilot with a hotel chain.