The UAE’s national digital identity platform will allow clients to register on eToro while pulling verified Proof of Identity (POI) and Proof of Address (POA) directly from the government’s digital identity system. In addition, the platform will also simplify the verification procedure, enabling faster account creation, improved security, and an overall more efficient experience for new clients.
The company will also remove key friction points and add an improved layer of convenience and security for the UAE customers, as well as optimising its vision to open the global markets for everyone to trade and invest in a simple and transparent way.
According to a recent survey made by eToro, the initiative comes at a pivotal point in the UAE’s fintech evolution, as 87% of retail investors in the region currently rely on fintech platforms in order to manage their finances. At the same time, 26% also use only fintech providers, while 36% leverage them for the majority of their activity.
The incorporation also adds to eToro’s broader localisation initiative in the region, including the process of opening its Abu Dhabi office, or the addition of stocks listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, all aiming to provide a tailored and secure experience for investors in the region of the UAE and MENA region.
UAE PASS represents a national digital identity for citizens and residents of the UAE, being developed in order to enable all registered individuals to access government, semi-government, and private sector entities’ solutions through their respective websites and apps. This will allow them to digitally sign and authenticate documents and transactions as well, while also enabling clients to request a digital version of any official documents issued in their name. Following this initiative, eToro is set to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
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