Spend management fintech Qashio is enhancing its digital identification processes through a new partnership with digital identity verification specialist, Facephi.
The deal means Facephi will enter the Middle East market for the first time and will provide Qashio’s customers with access to its biometric technology. It will also allow UAE and KSA-based users to perform digital onboarding and identity verification without the risk of identity theft, the companies said.
The technology is seen as a secure way for Qashio’s corporate customers to register their employees to issue corporate credit and debit cards as well as authorising them to use the cards. To register, Qashio users will need to take a photo of their ID card on both sides using their mobile device so that Facephi’s technology can read and capture their data using both Latin and Arabic alphabet characters.
Users then take a selfie from which Facephi can extract a biometric pattern of their face to compare it with the photograph on their official document, thus verifying their identity.
A recent survey showed that a significant majority, 94%, of consumers in the UAE worry about the risk of banking or credit fraud as the banking industry is digitised. According to Deloitte’s latest Middle East Fraud Survey, almost half of the organisations reported a higher number of fraudulent incidents in 2021 than in previous years.
Additionally, more than one-third of customers believe that the issue of fraud stems from insufficient identification measures and that individuals should confirm their identity when utilising services.
Jonathan Lau, CPO & Co-Founder of Qashio, commented: “Partnering with an established provider like Facephi, which already provides its services to global banking giants such as Santander & HSBC, allows us to provide services in both English & Arabic across multiple countries, and elevates our offerings by bringing global security and KYC standards to clients in the region. Facephi’s biometric technology will help us develop our processes in a more agile, quicker and easier way, with the peace of mind that we will avoid digital identity theft attacks.”
Qashio’s virtual and physical cards and software allows businesses to manage their spending in a more automated and transparent way. Corporate card spending in the UAE is estimated to be north of $100bn with KSA estimates indicating close to double this by 2025 most of which is currently on personal cards, petty cash and checks.
“One year ago, we made a commitment to commercialise our solutions in EMEA and this first contract signing with a fintech company in the region shows that we are on the right track,” Enrico Montagnino, General Manager of Facephi EMEA, added.
