RIYADH: Dubai Islamic Bank, known as DIB, has collaborated with the UAE Ministry of Interior to enable the financial institution to digitize its Know Your Customer journey through a new-age facial recognition service.
The new technology will help customers to open an account with DIB remotely and digitally through face-matching verification, thus avoiding the hassle to visit the bank physically, it said.
“The initiative is aligned with DIB’s digital transformation strategy and the UAE’s vision for a truly digital economy. The use of a facial recognition system is a key milestone in DIB’s journey towards becoming the most progressive Islamic financial institution in the world,” said DIB Group CEO Adnan Chilwan.
He added: “With an underlying aim to offer a more simplified, convenient and seamless banking experience for our customers, we are confident that these new and innovative solutions will help further affirm our commitment towards developing products, services, and other offerings tailored to the specific needs of our customers.”
The UAE Ministry of Interior’s facial recognition project started in 2007, and aimed at developing a trusted and secure way to verify the identity of people remotely. In 2021, MoI launched its digital verification face gateway service which made use of sophisticated AI-based tools to verify the identity of individuals.
Abu Dhabi fund ADQ wields economic diplomacy to forge regional ties
A shift in strategy by Abu Dhabi to invest across the region using sovereign wealth fund ADQ reflects an effort by the Gulf oil producer to use economic diplomacy to build regional alliances, from Turkey to Israel and Egypt, Reuters reported citing three sources.
The change suggests greater use of soft power after years when Abu Dhabi, the richest emirate in the UAE federation, appeared to favor more hard-edged, even militarised ways to gain influence in the Middle East and North Africa.
ADQ, the smallest of Abu Dhabi's three main sovereign wealth funds, began in 2018 as a vehicle for holding state assets.
But it has since expanded overseas. ADQ, estimated by Global SWF to manage $108 billion in assets, lined up 25 investments worth about $6.6 billion from Jan. 1 to Oct. 1 this year, making it among the most active dealmakers in the Middle East.
"The region is a priority. They want to have strong political ties with these countries," one of the three sources told Reuters, speaking on condition of anonymity.
ADQ and the UAE foreign ministry did not respond to emailed requests for comment.
(With input from Reuters)