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LuLu Exchange, MoI to deploy digital KYC service on LuLu Money

Friday 21 October 2022 13:01 CET | News

UAE-based PSP LuLu Exchange has partnered with the Ministry of Interior to deploy a digital Know-Your-Customer (KYC) service on its cross-border payments app, LuLu Money.

 

Lulu Exchange's initiative will help better customers' experience by performing instant, secure face-matching verification, enabling customers to experience end-to-end digital remittance services, while concomitantly eliminating the need for physically visiting a branch to perform initial KYC verification and onboarding.

LuLu Financial Group representatives have stated that the partnership with the UAE Ministry of Interior marks a step forward in their digital transformation journey. Having a fully integrated digital payment process offering, its fintech propositions align with the UAE’s Digital Economy Strategy and efforts in transforming the financial services ecosystem. Using a digital verification face gateway service will help with making financial transactions more secure and will enable the company to build better processes along the online customer journey.

Officials of the Artificial Intelligence Systems and Services Development Team at The General Directorate of Security Support at MOI have advised that the Ministry is keen to provide services in accordance with the UAE government’s directives, adopting new digital technologies based on artificial intelligence and future foresight sciences aimed at recognising future challenges and finding proactive solutions. The face ID verification and authentication service, an advanced digital authentication portal, is looking to provide digital solutions that help achieve UAE’s digital agenda, in accordance with the Ministry of Interior’s efforts in enhancing the services’ efficiency and the Emirati’s community wellbeing. 

LuLu Exchange has partnered with the Ministry of Interior to deploy a digital Know-Your-Customer (KYC) service on LuLu Money.

LuLu Exchange recent partnerships

In June 2022, LuLu Financial Holdings joined Aerotruth’s commercial partner onboarding platform, an online platform designed to facilitate the partner B2B onboarding process for fintechs, banks, and other financial institutions. The cloud-based SaaS document repository platform helps assist the management of the document exchange process required when onboarding commercial partners. This partnership followed the company’s fintech arm need, Digit9, for digitising its partner onboarding process, as traditional email-based onboarding methods are not as efficient, and delays and technical complexities can lead to abandonment.

In February 2022, LuLu International Exchange has announced a partnership with digital commerce enabler Network International and Visa aiming to drive convenience and ease of money transfer to Visa debit card holders in the UAE. The partnership enabled the transactions carried out through the LuLu Money app to be free of additional charges or hidden fees, while also offering industry-leading processing time. At the time of the announcement, the service was limited to Visa debit cards issued by select UAE banks, wider coverage having been expected to be rolled out within the first half of 2022. 


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Keywords: partnership, KYC, eKYC, fraud detection, fraud prevention, PSP, digital onboarding
Categories: Fraud & Financial Crime
Companies: LuLu Exchange
Countries: United Arab Emirates
This article is part of category

Fraud & Financial Crime

LuLu Exchange

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