News

UAE Starts Relying On Emirates ID As Proof Of Residency

Both citizens and residents can look forward to a number of benefits, including easier access to government services, less time spent at airports, and more.

Published

3 years ago

April 19, 2022

David Morelo

uae starts relying on emirates id as proof of residency

UAE ICP

From April 11, the United Arab Emirates (UAE) has started relying on Emirates ID as proof of residency, suspending the issuance of residence visa stamps.

Emirates ID is a smart identity card issued by Federal Authority for Identity and Citizenship. All UAE citizens and residents must apply for it by filling the eForm at one of the authorized typing centers or through the online form available on website of Federal Authority for Identity and Citizenship (FAIC).

Each Emirates ID has an electronic chip that can store up to 32,000 letters of information. The stored information can be encrypted in order to protect the privacy of card holders and prevent unauthorized third-parties from stealing it for malicious purposes.

By switching to a modern smart identity card, the UAE is taking yet another step on its smart-city journey. Both citizens and residents can look forward to a number of benefits, including easier access to government services, less time spent at airports, and more.

Those who have registered for smart gates at airports in the UAE can pass through them by simply looking at the green light on top of the camera to verify the biometric information contained within the Emirates ID chip.

Also Read: How To Change The Mobile Number On Your Emirates ID

The replacement of residence vista stamps by Emirates ID has been made possible by the last update of the advanced card, which was introduced in August 2021 by the Federal Authority for Identity and Citizenship (ICA).

The update added several new features, including a laser-printed 3D picture, additional fields and codes definition, advanced technical characteristics, and increased data protection. The latest generation of Emirates ID cards is made using polycarbonate that should last more than 10 years and survive countless washing machine accidents and other horrors that cards typically go through.

News

Fintech Galaxy Gains Approval To Pilot Open Banking In Jordan

The Central Bank has given the go-ahead to test fintech services through JoRegBox — Jordan’s regulatory sandbox for fintech innovation.

Published

2 days ago

January 31, 2025

Nour Nasir

fintech galaxy gains approval to pilot open banking in jordan

Fintech Galaxy has secured approval from the Central Bank of Jordan (CBJ) to join JoRegBox, the country’s regulatory sandbox for fintech innovation. The green light allows the company to test and implement Open Banking services within a controlled, real-world setting, and makes Fintech Galaxy the first Open Banking provider to gain regulatory backing in Jordan.

This move aligns with CBJ’s long term vision for financial innovation, introduced in August 2023 as part of the Economic Modernization Vision (2023–2025). The program’s purpose is to establish Jordan as a fintech hub, attracting investment in high-tech financial solutions. JoRegBox provides a supervised testing environment for fintech firms, in a bid to foster widespread financial inclusion and build more consumer-centric financial services.

Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors, expressed his enthusiasm: “We are proud and honored to receive the Central Bank of Jordan’s approval to test and introduce Open Banking services to the country through the JoRegBox regulatory sandbox. This milestone underscores our commitment to fostering financial inclusion, enabling innovation, and empowering Jordan’s economy through Open Banking”.

Also Read: Visa Partnership Takes X Closer Toward Musk’s “Everything App” Vision

Mirna Sleiman, Founder and CEO of Fintech Galaxy, echoed the sentiment: “The Central Bank of Jordan’s approval is a testament to our shared vision of fostering innovation and inclusivity in the financial sector. By leveraging FINX Connect, we aim to empower financial institutions and third-party providers with data aggregation and payment initiation services, ultimately improving the lives of consumers across Jordan”.

Open Banking services allow banks and payment providers to share customer data securely with third-party providers (with their prior consent). Fintech Galaxy’s FINX Connect platform enables real-time bank account data aggregation and payment initiation, enhancing customer access to personalized financial services and simplifying payment processing.

To support its expansion, Fintech Galaxy has raised $9 million for platform development and market growth. The Jordanian arm, led by Zaid Khatib, will integrate with banks and financial institutions country-wide, focusing on Personal Finance Management (PFM) and Business Finance Management (BFM) applications.