Facephi, a specialist in digital onboarding and authentication technology has partnered with Mbank, the UAE’s first digital and community bank.
The deal represents the latest integration of Facephi’s biometric technology having entered the Middle East market in June, this year, through a partnership with spend management fintech Qashio.
Facephi’s advanced facial authentication technology is designed to help users digitally onboard customers without the risk of identity theft.
Recent figures from the Deloitte Middle East Fraud Survey revealed that almost half of the organisations surveyed, reported a higher number of fraudulent incidents in 2021 than in previous years. Additionally, as the banking industry has become more digitized, the risk of banking or credit fraud has been noted as a concern for a significant majority of consumers in the UAE.
Mohammed Wassim Khayata, Chief Executive Officer at Mbank, said: “The advanced identity verification techniques using machine learning algorithms and digital behaviour will be instrumental to analyse, detect and prevent fraudulent activities proactively. Together with Facephi, we aim to set a new industry benchmark in customer authentication.”
Enrico Montagnino, General Manager EMEA at Facephi added: “As pioneers in biometric technology for onboarding and fraud prevention, we are committed to delivering state-of-the-art technology that ensures the highest level of security and convenience for customers.
“The partnership with Mbank UAE represents a significant milestone in our continued efforts to drive innovation in the global financial and banking industry and support Mbank in their expansion efforts across the UAE market.”
