The full-service digital bank from UAE, announced that it will help residents to open a bank account using facial recognition technology.
The initiative, launched in collaboration with the UAE’s Ministry of Interior, uses the ministry’s existing facial recognition verification system, which uses technology to validate and authenticate the rightful holder of official document in real time against government databases to safeguard against fraud.
Starting from early November 2021, new customers of Mashreq NEO will be able to access banking services by scanning their Emirates ID and using their face as the primary authentication method. To open a Mashreq Neo account, customers can scan their Emirates ID by tapping it to their smartphones, confirm details and take a selfie.
Mashreq bank and Oracle financial services also collaborated to modernise the financial institution’s transaction banking capabilities. Mashreq would implement Oracle’s Transaction Banking platform to provide solutions for digital banking, payments, trade finance, liquidity management and virtual accounts.
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