Digital onboarding platform powered by Artificial Intelligence awarded innovative solution by the Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM) for streamlining customer’s onboarding and banking experiences
DUBAI, United Arab Emirates | November 6, 2020
Selected by the First Abu Dhabi Bank (FAB), uqudo was awarded the most innovative solution at the fourth annual FinTech Abu Dhabi Innovation Challenge for tackling fraud and money laundering while maintaining regulatory compliance as banks transition customers into the mobile and internet banking era.
In partnership with FAB, uqudo’s corporate champion, uqudo will co-develop the UAE’s largest bank’s digital onboarding experience as FAB continues to deliver tailor-made solutions to its global customers. With an emphasis on a seamless customer journey, the uqudo platform will offer next-generation AI-powered trusted Identity as a Service automating FAB’s KYC, AML, and CDD due diligence processes in adherence to its country-specific requirements.
“We are honored to have been selected as the finalists in partnership with FAB. It has been an incredible journey working alongside a dedicated and forward looking team deeply committed to delivering superior customer experiences. Our team is eagerly looking forward to the prospect of continuing our collaboration with our corporate champion FAB and their innovation team through the ADGM Digital Lab.”
FinTech Abu Dhabi, MENA’s leading fintech festival, is one of the most anticipated events in the region. As part of the event, FinTech Abu Dhabi is running the Innovation Challenge, its flagship initiative, for the fourth consecutive year at which startups can demonstrate innovative solutions to address the financial sector’s challenges. As winners of 2020’s Innovation Challenge Problem Statement 4, uqudo in collaboration with FAB will demonstrate its platform capabilities on November 24, 2020 as part of the Innovation Challenge Demo Day.
Maintaining compliance and regulatory requirements should never come at the expense of institutions delivering seamless financial services to its customers. Leveraging cutting-edge online identity authentication technologies, uqudo’s Identity as a Service platform offers a range of end-to-end identity proofing and AML services to combat fraud and money laundering activities to financial institutions worldwide.
uqudo is passionate about creating an inclusive society and removing the barriers to allow ease of access to finance, services and data. We believe all lives have equal value and we use all our resources and experience to reduce inequality. uqudo has the ability to make high impact programs successful and accelerate the realisation of the UN’s Sustainable Development Goals.