Money & Banking

UAE Exchange to go for online KYC authentication with Aadhaar

V SAJEEV KUMAR Kochi | Updated on January 23, 2018 Published on May 19, 2015

V George Antony

Financial service firm UAE Exchange India is to launch e-KYC authentication for all its financial transactions linking them with Aadhaar.

The company has integrated its core banking system with the Unique Identification Authority of India (UIDAI) and is awaiting the latter’s nod to go online anytime after which the service will be available in all its 400 branches across the country.

“This is a first of its kind service on any public sector platform and is expected to bring convenience and speed for money transactions benefiting customers a lot,” V George Antony, Managing Director, UAE Exchange, told BusinessLine.

e-KYC authentication will enable the company to live verify ID proof and address of customers through electronic mode. Once the e-KYC authentication is done, there is no need for any other ID proof or photo copy. The system will help improve quality of service to customers as well as improve the company’s operational efficiency, he added. In the foreign exchange business there is a consistent shift in remittances from cash to cash transfer to account credits.

However, the introduction of flash remittance service for remitting money from abroad with instant account credit to any bank in India has made a shift towards account credits, he said. With continuing migration from the country, he said there exists more opportunities for growth. UAE Exchange, which is hopeful of getting a small bank licence, has diversified services to focus on small size loans to target financial inclusion, according to Antony.

Published on May 19, 2015
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