Dubai-based spend management fintech Qashio has partnered with the leading global digital identity verification company Facephi to boost the security features of its digital identification processes.
The partnership will also mark Facephi’s entry into the Middle East market.
The tie-up will enable Qashio’s customers to use biometric technology by the Spain-based company, leading UAE and Saudi Arabia-based users to perform digital onboarding and identity verification without the risk of identity theft.
Facephi’s technology will provide Qashio’s corporate customers with an improved user experience and security when registering their employees to issue corporate credit and debit cards and authorising them to use the cards, the company said.
Recent survey results showed that a significant majority – 94 percent – of consumers in the UAE worry about the risk of banking or credit fraud as the banking industry is digitized.
According to Deloitte’s latest Middle East Fraud Survey, almost half (48%) of the organizations reported a higher number of fraudulent incidents in 2021 than in previous years.
Qashio strengthens onboarding process with biometric technology
By applying biometric technology, Qashio said it reinforces its customers’ security during the onboarding process.
Jonathan Lau, CPO and Co-Founder of Qashio,saidpartnering with an established provider like Facephi, which already provides its services to some of the global banking giants allows us to provide services in both English and Arabic across multiple countries.
“This will help elevate our offerings by bringing global security and KYC standards to clients in the region,” he said.
Enrico Montagnino, General Manager of Facephi EMEA, said the tie-up is an important milestone in the company’s expansion strategy.
“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,” he said.
Corporate card spending in the UAE is estimated to be north of $100 bn, while the Saudi Arabia estimates indicate close to double this by 2025, most of which is currently on personal cards, petty cash and checks.
This shows the need to digitize and modernize corporate spend management, which is reported to save time by over 50 percent on reconciliation and manual work by accountants.
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